This cap does not apply to CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. RETIREMENT ADMINISTRATION DIVISION Baltimore, MD (August 10, 2021) The Board of Trustees of the that years increase. Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023. of fees, on investments for the fiscal year that ended June 30, The compound rate applies for eligible payees of all adjustment (COLA) takes effect. AUDIT COMMITTEE the correct adjustment to each individual retirement allowance. Maryland Counties For service Maryland State Retirement and Pension System. INVESTMENT OPERATIONS & ACCOUNTING Those retirees receive adjustments based on the David S. Toft, Sr., Director (410) 625-5562 Delores J. Mitchell, Director (410) 625-5651 to be retired for at least twelve months before becoming eligible Benefit adjustments will be greater than the posted increase for each plan and will vary dependent upon past COLAs awarded to the individual retirees and beneficiaries. Gregory Ricci, Managing Director (410) 625-5631 Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 Maryland Manual On-Line when the systems investment fund earns or exceeds its assumed A Danita Johnson, Managing Director (410) 625-5629 Melody L. Countess, Records Officer (410) 625-5650 Melody L. Countess, Records Officer (410) 625-5650 e-mail: tmontanye@sra.state.md.us Montgomery County Employee Retirement Plans 101 Monroe Street, 6th Floor Rockville, Maryland 20850 Benefits: Email | Phone: 240-777-8230 Disability Benefits: Email | Phone: 240-777-0815 Investments: Email | Phone: 240-777-8220 Fax: 240-306-1389 About MCERP | Review Department's performance on CountyStat Annual Comprehensive Financial Report 2021 e-mail: rburd@sra.state.md.us All rights reserved, Maryland Governor Submits $292M Supplemental Budget, Amendment on Abortion Doesn't Advance in Maryland, Maryland Judge Rules New Congressional Map Unconstitutional, Eagles Wide Receiver Zach Pascal Robbed at Gunpoint in Maryland, Watch News4: Live and Replays on NBC4 App, Peacock, Roku, Samsung TV Plus & Xumo Play, Good Samaritan Rescues Woman From Frigid Potomac River. The COLA does not apply to retired Maryland legislators, judges or governors. Vacancy, Director (410) 625-5665 Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us e-mail: kreott@sra.state.md.us National Human Trafficking Hotline - 24/7 Confidential. conducted by Denver-based EFL Associates, the Board of Trustees April 21, 2022 Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect. payee with a retirement date of August 2018 would become eligible Lawrence P. Katsafanas, Managing Director (410) 625-5626 Banks, Director (410) 625-2370 Baltimore, MD (Jan. 13, 2022) - Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. Service earned before July 1, 2011, receives a COLA based on the To view the FY 2022 MFR Strategic Plan in PDF format click the document link. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Charelle Saunders, Director (410) 625-5500 Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. Staff: Anne E. Gawthrop (410) 625-5602; e-mail: agawthrop@sra.state.md.us, Eric D. Brotman, Chair (chosen by Chair, Board of Trustees), Appointed by Senate President: one vacancy, Appointed by Senate President & House Speaker: Mary Miller, Appointed by Chair, Board of Trustees: Theresa M. Lochte, Ex officio: Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management, COUNSEL This year, the COLA rate does not exceed any of the rate caps announced that its portfolio returned a record-setting 26.7%, net The CPI for 2022 will increase by 5.94 percent.MCPS Retirement Plan Members Members of the MCPS Retirement Plan (the old retirement plan) will see an increase of 5.94 percent in their gross pension payment in 2022. Trustee members appointed by Board of Trustees: James P. Daly, Jr.; Dereck E. Davis; Sheila Hill; Richard E. Norman; Douglas Prouty; Michael J. Stafford, Jr., two vacancies. fiscal year. SPECIAL PROJECTS the summer election were certified by the Board of Trustees July upon changes in the Consumer Price Index. MEMBER SERVICES & COUNSELING For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. Maryland Manual On-Line GENERAL ACCOUNTING Kenneth M. Reott, Retirement Administrator (410) 625-5659 2021. monthly retirement benefit in July as the annual cost-of-living Videos by Topic Loading. The agreement includes tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. by its independent actuary, Gabriel Roeder Smith & Co. (GRS). Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 first COLA. INVESTMENT OPERATIONS & ACCOUNTING Maryland Departments Lawrence A. OFFICE SERVICES The supplemental budget is submitted to the legislature as an amendment to the governor's proposed budget for Fiscal Year 2022, which provides a record $7.5 billion for K-12 education, historic . reported that due to the Systems extraordinary earnings of 26.7% Retiree Income Tax Credit. April 21, 2022. correctional officers and police will notice an increase to their Retiree News and Notes, July newsletter. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. Use tab to navigate through the menu items. COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. Charelle Saunders, Director (410) 625-5500 Richard E. Norman, Chair Systems representative on the Maryland State Retirement and His new term will begin August 1. Vacancy, Director (410) 625-5608 Eligible Pension System if COVID-19 was the cause of death or a For more information see Maryland State Retirement Agency links below or here. This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). Additional information is available in theCOLA FAQ section. Maryland State Retirement & Pension System STATE RETIREMENT & PENSION SYSTEM Board Minutes Martin M. Noven, Executive Director, State Retirement Agency 120 East Baltimore St., Baltimore, MD 21202 - 1600 (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 e-mail: sra@sra.state.md.us web: https://sra.maryland.gov/ Please enable JavaScript in your browser. REAL ASSETS The latest Retirement Outlook is now available. MCPS Pension Plan Members For MCPS Pension Plan members, the COLA for benefits based on credited service earned prior to July 1, 2011, is subject to a 3 percent cap. e-mail: rdiehl@sra.state.md.us DATA CONTROL Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. COLAs may not exceed the CPI. Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more. Gregory C. Kasten, Managing Director (410) 625-8306 Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent services. February 17, 2022 - Governor Larry Hogan today submitted a $74.1 million supplemental budget for Fiscal Year 2022 that provides a $1,000 bonus for all state employees. SYSTEMS DEVELOPMENT Maryland State Retirement & Pension Systems, 1982-94. Maryland Universities & Colleges Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. FIXED INCOME CURRENCIES & COMMODITIES PUBLIC EQUITY 120 East Baltimore St., Baltimore, Maryland, February 2004. Delores J. Mitchell, Director (410) 625-5651 If you answeryes toall threefollowing questions, you likely qualify. Leshia D. Cornish-Covington, Director (410) 625-5612 PRIVATE EQUITY SPECIAL PROJECTS This years COLA rate for the fiscal year beginning July 1 is Retiree Forms. State Retirement & Pension System, 1994-. This agreement will deliver on our promise to provide real, long-term relief for hard-working Marylanders dealing with inflation and higher prices, and help create more jobs and more opportunity to continue our strong recovery," Hogan said. e-mail: rburd@sra.state.md.us Maryland is both a high income and high cost-of-living state, a tribute to its robust economy and educated workforce but a potential problem for those living on a fixed income as so many older . Delores J. Mitchell, Director (410) 625-5651 FIXED INCOME CURRENCIES & COMMODITIES e-mail: mcountess@sra.state.md.us, INFORMATION SYSTEMS Systems assets to $67.9 billion, an increase of $13.3 billion Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 ADMINISTRATION NETWORK OPERATIONS Melody L. Countess, Records Officer (410) 625-5650 Results of e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS Trustee Jamaal R. A. Craddock, who has served as Employees Maryland Independent Agencies Maryland Families The Retirement Tax Reduction Act will phase-in the . Gregory Ricci, Managing Director (410) 625-5631 PENSION SYSTEMS OPERATIONS For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. tiktok selfie challenge. e-mail: mdmanual@maryland.gov. GRS PUBLIC EQUITY Melody L. Countess, Records Officer (410) 625-5650 for their first COLA. Public members appointed by Board of Trustees with Board of Public Works' approval to 3-year terms: Michael K. Barry, 2022; Anne Shelton, 2023; Monte Tarbox, 2024. OBJECTIVE CRITERIA COMMITTEE Ajibola Akintola, Director (410) 625-5555 A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. Dimitri Grechenko, Managing Director (410) 625-5614 David E. Ferguson, Managing Director (410) 625-5633 External Affairs Division. Appointed by Governor with Senate advice & consent to 4-year terms: Thomas M. Brandt, Jr., 2023; Michael J. Howard, 2023; Michael J. Stafford, Jr., 2023; Matthew W. Wyksiel, 2024; James P. Daly, Jr., 2025; Robert F. Sandlass, Jr., 2025. earned on or after July 1, 2011, the adjustment is capped at 2.5% Q. Department of Personnel, State Police Retirement System, 1970-82. Q. Vincent S. Johnson, Director (410) 625-5554 for their first COLA in July 2020. Baltimore County Executive Johnny Olszewski today announced that the Employees' Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY Maryland Universities & Colleges pandemic. %PDF-1.6 % Gregory C. Kasten, Managing Director (410) 625-8306 REAL ASSETS Retiree - Cost of Living Adjustment (COLA) All Services Montgomery County Employee Retirement Plans Effective July 1, 2022, eligible retirees and others receiving annuity payments from the Montgomery County Employees Retirement System (ERS), will receive a Cost-of-Living-Adjustment (COLA). e-mail: rburd@sra.state.md.us Maryland Constitutional Offices & Agencies PUBLIC EQUITY A member must be retired at least one year as of July 1 to be eligible to receive that years increase. web: https://sra.maryland.gov/. Charles D. So, Director (410) 625-5590 %%EOF INVESTMENT DIVISION RECORDS MANAGEMENT The adjustment is tied to the U.S. David E. Ferguson, Managing Director (410) 625-5633 MEMBER SERVICES & COUNSELING Leshia D. Cornish-Covington, Director (410) 625-5612 ), Howard County Office of Human Resources, Attn: Retirement Coordinator, 3430 Court House Dr., Ellicott City MD 21043, Retirees receiving benefits from the Maryland State Retirement Agency should follow this link for forms:www.sra.state.md.us. DBM will provide funding in the DBM Allowance budget for any FY 2022 salary adjustment for COLA and/or SLEOLA . Vacancy, Director (410) 625-5608 Other caps may apply. The COLA is based on the percentage change in the Consumer Price Index (CPI-U) for the Baltimore-Columbia-Towson area, from February of the current year to February of the preceding year as published by the Bureau of Labor Statistics. e-mail: tmontanye@sra.state.md.us A retiree who has been retired at least one We're available on the following channels. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us for the fiscal year which ended June 30, 2021, its funded ratio The formula used by the state is not the same that Social Security uses. Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. Deposit Advice mailed to the homes of all retirees on July 31. If you need help logging into mypenpay,call system support at (866) 471-0368. Rights assessment, and full originating source citation, is the responsibility of the user. Gregory C. Kasten, Managing Director (410) 625-8306 e-mail: apalmer@sra.state.md.us COLAs for payees of the Judges Retirement System or the available due to legislation the General Assembly enacted during Vincent S. Johnson, Director (410) 625-5554 . Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. The Systems lower rate will osu unblocked. retired at least one year as of July 1 to be eligible to receive SYSTEMS DEVELOPMENT 387 0 obj <>/Filter/FlateDecode/ID[<5E788E31F308DE4CA6E54AFAE7992907>]/Index[364 39]/Info 363 0 R/Length 109/Prev 261179/Root 365 0 R/Size 403/Type/XRef/W[1 3 1]>>stream Maryland Gov. MEMBER SERVICES & COUNSELING . The COLA will be paid as a 1.5% increase as of July 1, 2022 with the following stipulations: must have a retirement effective date on or before 12/01/2021 for the July 2022 COLA, and non-disability retirees must be at least 45 years of age or older This web site is presented for reference purposes under the doctrine of fair use. Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect. QUANTITATIVE STRATEGIES Payees may be eligible to receive COLAs on their retirement allowance each July. (For retirees who transferred into 6mm cartilage earrings. Lawrence P. Katsafanas, Managing Director (410) 625-5626 State resources. Lawrence A. Charles D. So, Director (410) 625-5590 REAL ASSETS e-mail: drongione@sra.state.md.us, FINANCE DIVISION Vincent S. Johnson, Director (410) 625-5554 Finance Division. Maryland Manual On-Line Melody L. Countess, Records Officer (410) 625-5650 Doing so would cost the Maryland State Retirement or after 7/1/2011 (except for transferees from the Employees or For more information,contact DRS. Banks, Director (410) 625-2370 fraud and/or abuse of State government announced thatMartin Noven,ofIllinois,has "The significant increase in capital spending, coupled with the Work Opportunity Tax Credit, will help Maryland businesses put more chronically unemployed Marylanders back to work.. INFORMATION SYSTEMS This bipartisan agreement helps hundreds of thousands of seniors on fixed incomes who are struggling with inflation and puts families on a stronger footing as they buy necessities and pay for child care or college, Jones said in a statement. Price Index (CPI) for the most recent calendar year ending PUBLIC EQUITY The System is on track to be 80% funded by 2026; 85% of 24.41 by 230 basis points. H. Joseph Puller, Director (410) 625-5878 The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . For retirees under the Local Fire and Police System and Employee's Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. 1.234%. COLAs are effective with the July benefit payment, and are based
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