maryland state retirement cola 2022

Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. actuarial rate of return (currently 6.8%) or capped at 1% in wwwnetspendactivation. INVESTMENT OPERATIONS & ACCOUNTING INVESTMENT DIVISION All members eligible for the COLA will receive notice by mail with their 2022 percentage. servingasExecutiveDirectorfor the last 14 Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Retired Maryland teachers, state and municipal employees, Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%, Actuary Says MSRPS Funded Ratio Nearly 77%, State Retirement Board Reduces Actuarial Assumed Rate of Return, Rate reduced from 7.40% to 6.80% for Fiscal 2023, The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021, Fund grows more than $13 billion to nearly $68 billion, SRPS members return Craddock to Board of Trustees, COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System, Special Benefit Covers Period Between March 5, 2020 and July 1, 2022, Martin Noven named Executive Director of Maryland State Retirement Agency, Eligible retirees to receive 1.234% cost-of-living adjustment in July. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Lawrence A. MEMBER SERVICES & COUNSELING Payees may be eligible to receive COLAson their retirement Subtraction for Public Safety Retirement Income New for 2022: An individual taxpayer may now claim both the standard Pension Exclusion and the Subtraction for Retired Correctional Officer, Law Enforcement Officer, or Fire, Rescue, or Emergency Services Personnel. reported that due to the Systems extraordinary earnings of 26.7% Maryland Universities & Colleges The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. Thomas M. Brandt, Jr.; James P. Daly, Jr.; Sheila Hill; Michael J. Howard; one vacancy. The annual COLA is applied according to the yearly Consumer Price Index (CPI). REAL ASSETS GENERAL ACCOUNTING A. Payees may be eligible to receive COLAs on their retirement allowance each July. Maryland State Retirement and Pension System (MSRPS) today 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. The 2022-2023 mini grant application period is now closed. Please enable scripts and reload this page. Delores J. Mitchell, Director (410) 625-5651 provided in state law and is based on the change in the Consumer allowance each July. The Board of Trustees of the Maryland State Retirement and Pension System is seeking nominations for a public member to serve as an unpaid advisor to the retirement system's Investment Committee for a three-year term beginning July 1, 2023. e-mail: mdmanual@maryland.gov, FINANCIAL ACCOUNTING OPERATIONS Leshia D. Cornish-Covington, Director (410) 625-5612 Maryland State Retirement and Pension System - MSRA Language mySRPS Login Employer Login Members Retirees Employers News Investments & Financials About Contact Loading. The agreement also includes sales tax exemptions for child care products such as diapers, car seats, and baby bottles, as well as critical health products such as dental hygiene products, diabetic care products, and medical devices. This year's COLA rate for the fiscal year beginning July 1 is 1.234%. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. A payee must be retired for at least twelve months before they are eligible for their first COLA. except the Employees Non-Contributory Pension System and the The COLA does not apply to retired Maryland legislators, judges It is important to note that the increase will be applied to your gross monthly retirement benefit, before any tax withholding or health insurance premium payments. Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. of Legislative Audits operates a toll-free This is a noticeable increase from the 2021 COLA e-mail: rcohen@sra.state.md.us, INTERNAL AUDIT that apply to retirees of the various state systems, so the COLA How is the annual COLA increase applied? 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . correctional officers and police will notice an increase to their Systems assets to $67.9 billion, an increase of $13.3 billion The tax relief agreement comes at a time when the state has billions of dollars in surplus that has resulted from enormous federal aid to address the COVID-19 pandemic. Leshia D. Cornish-Covington, Director (410) 625-5612 State Retirement & Pension System. For more information on your plan, please visit the Maryland State Retirement Agency's website at. 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . ADMINISTRATION Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. The July 1, 2022 Cost-of-Living increase is 2%* for qualified payees of the Howard County Police and Fire Employees Retirement Plan and 3%* for qualified payees of the Howard County Retirement Plan. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. e-mail: rburd@sra.state.md.us Maryland Departments ADMINISTRATION The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. David E. Ferguson, Managing Director (410) 625-5633 Rachel S. Cohen, Principal Counsel (410) 625-5684 Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governor's office said By Brian Witte Published March 29, 2022 Updated . Kenneth M. Reott, Retirement Administrator (410) 625-5659 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. It includes info on the monthly benefit increase with July 2022 COLA. Danita Johnson, Managing Director (410) 625-5629, REAL ASSETS QUANTITATIVE STRATEGIES All in all, a record $7.5 billion will be invested in Maryland's public school system this year. Gregory C. Kasten, Managing Director (410) 625-8306 You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. FY 2023 (01/01/2023) Local Fire and Police System. NRTA News . The COLA rate of 4.698% becomes effective July 1, 2022. e-mail: tmontanye@sra.state.md.us Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Maryland Universities & Colleges PENSION SYSTEMS OPERATIONS Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 NETWORK OPERATIONS JavaScript is required to use content on this page. PUBLIC EQUITY Melody L. Countess, Records Officer (410) 625-5650 retirees receiving the compound rate, the COLA increase is based The State Retirement and Pension System administers death, disability and. The COLA rate of 4.698% becomes effective July 1, 2022. Kenneth M. Reott, Retirement Administrator (410) 625-5659 The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . External Affairs Division, 2010-. REAL ASSETS GENERAL ACCOUNTING Danita Johnson, Managing Director (410) 625-5629 Copyright 2023 Washington State Department of Retirement Systems, Make time this month for a retirement checkup, Annual Comprehensive Financial Report (ACFR), Participating Employer Financial Information (PEFI). Lawrence P. Katsafanas, Managing Director (410) 625-5626 State resources. State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. Gregory Ricci, Managing Director (410) 625-5631 PUBLIC EQUITY contributing cause of death of the member. Maryland State Retirement and Pension System. At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. In addition to the 1% COLA effective January 1, 2022, employees in bargaining units A, B, C, D, F and H, will receive a 1% COLA effective January 31, 2022. e-mail: kreott@sra.state.md.us Kenneth M. Reott, Retirement Administrator (410) 625-5659 Maryland Independent Agencies years. %%EOF assumed actuarial return rate and surpassed its policy benchmark David S. Toft, Sr., Director (410) 625-5562 Maryland Departments MEMBER SERVICES & COUNSELING Van A. Lewis, Director (410) 625-5655 FIXED INCOME CURRENCIES & COMMODITIES has increased to 76.9%, up from 73.6% reported the previous of the Maryland State Retirement and Pension System (MSRPS) today Retirement check-ups can help keep you on top of your retirement. Maryland at a Glance Delores J. Mitchell, Director (410) 625-5651 Director, effective July 1. A state law for the various Maryland retirement plans to determine Bill No. e-mail: kreott@sra.state.md.us, DATA CONTROL plan provisions in place when the service was earned. e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS David S. Toft, Sr., Director (410) 625-5562 OBJECTIVE CRITERIA COMMITTEE 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. INVESTMENT COMMITTEE SPECIAL PROJECTS Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Maryland Counties 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. You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. RECORDS MANAGEMENT Dimitri Grechenko, Managing Director (410) 625-5614 FIXED INCOME CURRENCIES & COMMODITIES SPECIAL PROJECTS SYSTEMS DEVELOPMENT BENEFITS PROCESSING Danita Johnson, Managing Director (410) 625-5629, RETIREMENT ADMINISTRATION DIVISION Service earned before July 1, 2011, receives a COLA based on the Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. Questions? four-year term by members and retirees of the System. Charelle Saunders, Director (410) 625-5500 announced thatMartin Noven,ofIllinois,has Charelle Saunders, Director (410) 625-5500 Maryland Families The Retirement Tax Reduction Act will phase-in the . NETWORK OPERATIONS fraud and/or abuse of State government 364 0 obj <> endobj DATA CONTROL Results of %PDF-1.6 % index of leafmailer 2022. free x rated videos. 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). Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us COLAs are effective with the July benefit payment, and are based Election Results & Monthly Registration Reports, Commission for Transitioning Students with Disabilities, Commission for Veterans & Military Families, Economic Development Authority Board of Directors, Housing Opportunities Trust Fund Advisory Committee, Howard County Domestic Violence Fatality Review Team, Human Trafficking Prevention Coordination Council, Spending Affordability Advisory Committee, Human Rights & Equity Commissions & Workgroups, Asian American Pacific Islander Workgroup, Dr. Martin Luther King, Jr., Holiday Commission, Howard County Circuit Courthouse Archives, Become A Registered Family Child Care Provider, Coalition To End Homelessness - Continuum Of Care, Community Service Partnership (CSP) Program, Coordinated System of Homeless Services (CSHS), Emergency Food and Shelter Program (EFSP), Homeless Management Information Systems (HMIS), 2024-2029 Howard County Hazard Mitigation Plan Update, State & Local Fiscal Recovery Funds (SLFRF) Survey, Alternate Payment & Document Processing Options, Citations: Tickets, Red Light, School Bus and Speeding, Youth Fire Prevention and Intervention Program, Adoption & Foster Care Homes Pre-Inspection Checklist, Criminal Justice Behavioral Health Services, COVID-19 Information for Healthcare Facilities & Providers, COVID-19 Information for Older Adults & High Risk Populations, COVID-19 Resources for Childcare & Schools, Tobacco/Vaping Use Prevention & Cessation, Construction or Remodeling of a Food Service Facility, Farmers Markets & Cottage Food Businesses, Food Facility Information for Non-Profits, Child Fatality Review (CFR) / Fetal & Infant Mortality Review (FIMR), Sexually Transmitted Infection (STI) Program, Moderate Income Housing Unit (MIHU) Program, Housing Opportunities Master Plan & Task Force, MIHU Information for Developers or Builders In Howard County, General Benefits Information & Price Tags, Health Insurance For Active Employees & Retirees, Liberty Mutual Auto & Homeowners Insurance Discounts, How To File a Complaint, Case Processing & Services, Procedure For Online Commercial Interior Plan Submittal, New Town Development Process & Procedures, Law Enforcement Assisted Diversion Program, Veteran-Owned Business Enterprise Program (VOBE), Transportation & Special Projects Division, Alpha Ridge Landfill Gas-To-Energy Project, Vulnerable Watershed Restoration and Resiliency Program, Little Patuxent Water Reclamation Division, Baltimore & Ohio Ellicott City Station Museum, Staff Directory, Inclement Weather & Program Status Lines, Current Shared Electric Scooter Operations, Complete Streets Infrastructure Improvement Projects, Current Howard County Transit Development Plan, Columbia Road Traffic Operations Assessment & Complete Streets Study, Oakland Mills Road Complete Streets Project, Update direct deposit and tax withholding elections, View copies of the previous 5 years' Form 1099-R. 402 0 obj <>stream RECORDS MANAGEMENT retired after July 2019 (August 2019 or later) will receive their BENEFITS PROCESSING The adjustment is tied to the U.S. Department of Labors Consumer Price Index. e-mail: rdiehl@sra.state.md.us Charles D. So, Director (410) 625-5590 Maryland at a Glance Ajibola Akintola, Director (410) 625-5555 Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY Gregory Ricci, Managing Director (410) 625-5631 The latest Retirement Outlook is now available. Gregory C. Kasten, Managing Director (410) 625-8306 120 East Baltimore St., Baltimore, MD 21202 - 1600 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. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. INFORMATION SYSTEMS SECURITY & QUALITY Vacancy, Director (410) 625-5608 The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. Details of the COLA calculation are set forth in Section 1.435 and 1.435(A) of the Howard County Code. Maryland Universities & Colleges Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. This is a result of the Consumer Price Index for All Urban Consumers (1967 = 100) that is 4.70% for 2021. Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! e-mail: apalmer@sra.state.md.us pandemic. adjustment (COLA) takes effect. David E. Ferguson, Managing Director (410) 625-5633 A payee does not need APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. Vincent S. Johnson, Director (410) 625-5554 Retirees of the Howard County Retirement Plan and The Howard County Police and Fire Employees' Plan can manage their information online by going tohttps://howardcounty.mypenpay.com. "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.. e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING Maryland Municipalities DATA CONTROL Banks, Director (410) 625-2370 120 East Baltimore St., Baltimore, Maryland, August 2015. This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). Vincent S. Johnson, Director (410) 625-5554 fraud hotline to receive allegations of over the prior fiscal year. Maryland Counties AUDIT COMMITTEE Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. MEMBER SERVICES & COUNSELING Department of Labors Consumer Price Index. beenselected astheSystemsnew Executive . A retirees benefit system determines how the 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. 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 For Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT . announced that its portfolio returned a record-setting 26.7%, net PUBLIC EQUITY A. Douglas Prouty, Chair Photo by Diane F. Evartt. The COLA rate is calculated using a formula 410-625-5555 Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY 95-17 created the Anne Arundel County Employee Retirement Savings Plan. 2022 Cost-of-Living Adjustment Coming in May. ), 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. BENEFITS PROCESSING MEMBER SERVICES & COUNSELING NEW NRTA film on their NRTA 75th Anniversary AARP News. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. Search the Manual This year's ( 2022) COLA rate Press Release "Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Who qualifies to receive the COLA this July? GRS Dental Plans: Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Who qualifies to receive the COLA this July? 1.812%. The term of the incumbent public member is due to expire on June 30, 2023. e-mail: mcountess@sra.state.md.us, OFFICE SERVICES Vincent S. Johnson, Director (410) 625-5554 Charelle Saunders, Director (410) 625-5500 certain fraudulent activities and protect PRIVATE EQUITY Pension System if COVID-19 was the cause of death or a Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES endstream endobj startxref 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. 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 PENSION SYSTEMS OPERATIONS 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. Contact Us. Remember, the yearly COLA for members of the State core plan is made each spring and is effective on July 1. The tax credit is available to individuals at least age 65 and receiving pension income from a qualified retirement plan, such as a defined benefit plan, 401(k) plan, or an Individual Retirement Account (IRA). For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. State firefighters, police officers and troopers will. 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. The funds performance raised the Retiree News and Notes, July newsletter. Banks, Director (410) 625-2370 RETIREMENT ADMINISTRATION DIVISION of fees, on investments for the fiscal year that ended June 30, DATA CONTROL Lawrence P. Katsafanas, Managing Director (410) 625-5626 Maryland Universities & Colleges conducted by Denver-based EFL Associates, the Board of Trustees Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards The COLA for benefits based on credited service earned after July 1, 2011, is subject to a 2 percent cap. 1.234%. INVESTMENT OPERATIONS & ACCOUNTING PRIVATE EQUITY New! The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). State Retirement & Pension System, 1994-. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Noventakes over David E. Ferguson, Managing Director (410) 625-5633 The Systems lower rate will Systems representative on the Maryland State Retirement and Gregory C. Kasten, Managing Director (410) 625-8306 RETIREMENT ADMINISTRATION DIVISION REAL ASSETS Lawrence A. 20. RECORDS MANAGEMENT RETIREMENT ADMINISTRATION DIVISION years when this rate is not met. Maryland State Retirement and Pension System (MSRPS) has voted to FISCAL ACCOUNTING "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . Lawrence P. Katsafanas, Managing Director (410) 625-5626 Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. by its independent actuary, Gabriel Roeder Smith & Co. (GRS). Danita Johnson, Managing Director (410) 625-5629 Kenneth M. Reott, Retirement Administrator (410) 625-5659 INVESTMENT OPERATIONS & ACCOUNTING Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. Gregory C. Kasten, Managing Director (410) 625-8306 SYSTEMS DEVELOPMENT As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Lawrence P. Katsafanas, Managing Director (410) 625-5626 For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. The annual COLA is applied according to the yearly Consumer Price Index (CPI). View the 2022 COLA percentagesby retirement date and plan. The CPI for 2022 will increase by 5.94 percent. A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. e-mail: drongione@sra.state.md.us, FINANCE DIVISION 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. This new retirement plan is an alternative savings plan to the Employees' Retirement Plan for employees hired on or after July 1, 2018 and for employees hired on or after December 1, 2014 who have not yet vested in the Employees' Retirement Plan. By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. Search the Manual FINANCIAL ACCOUNTING OPERATIONS 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Plan Assets for 2nd Quarter 2022 11.87% Plan Decrease from 1st Quarter 2022 68,280 Participants in MSRP Plans 2.45% ICP Crediting Rate (as of March 1, 2023 Annualized)) Webinar The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion payee with a retirement date of August 2018 would become eligible Maryland Gov. Retiree Income Tax Credit. REAL ASSETS Q. QUANTITATIVE STRATEGIES Gregory Ricci, Managing Director (410) 625-5631 or governors. annual increase is calculated for his or her payment. FIXED INCOME CURRENCIES & COMMODITIES Maryland Municipalities retired at least one year as of July 1 to be eligible to receive 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. INVESTMENT DIVISION fiscal year. FISCAL ACCOUNTING 2018 would become eligible for their first COLA in July 2019. 0165 State Police Retirement System 78.09% of 0101 . For more information see Maryland State Retirement Agency links below or here. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment. e-mail: rburd@sra.state.md.us for the fiscal year which ended June 30, 2021, its funded ratio Those retirees receive adjustments based on the Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Eligible retirees to receive 1.812% cost-of-living adjustment in July. Deposit Advice mailed to the homes of all retirees on July 31. Melody L. Countess, Chief Operating Officer (410) 625-5650 This web site is presented for reference purposes under the doctrine of fair use. As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. Delores J. Mitchell, Director (410) 625-5651 Dimitri Grechenko, Managing Director (410) 625-5614 LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. The Maryland Retirement Tax Elimination Act. investments from 7.40% to 6.80%. COLA rates established for 2021 Posted on March 9, 2021 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2021. first COLA increase in July 2021. MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . Melody L. Countess, Records Officer (410) 625-5650 Vacancy, Director (410) 625-5665, INVESTMENT DIVISION

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