Top Maryland State Retirement Agency Reviews in 2021

Maryland State Retirement Agency (MSRA) or Maryland State Retirement and Pension System (MSRPS) looks after government employees and their families after retirement. They provide death, disability, and retirement benefits for more than 400k members. These members include current and former state employees, teachers, state police, judges, and law enforcement. Their objective is to provide sufficient support and resources to retired and disabled government employees.

What does the Maryland State Retirement Agency offer?

Maryland State Retirement Agency provides coverage to employees both during their working career and after their retirement. They offer the following services and benefits:

  • Survivor Protection – when a member or employee dies before retirement
  • Disability Coverage – when an active member cannot work anymore due to physical or psychological disability
  • Monthly Allowance – a basic monthly retirement allowance is given based on the employee’s age service, and salary.
  • Allowance for member’s family – there are options for payment to continue providing an allowance to the member’s survivor.
  • Annual cost-of-living adjustments

Reemployment

When you start receiving retirement benefits or pension after retirement, you have to keep in mind that you are permanently retiring from your employment. It would help if you did not discuss reemployment before your retirement, and there should be an agreement from your employer. However, if you want to reemployment after retirement with an employer participating in the MSRPS, you must be aware of Internal Revenue Service and Maryland Retirement Law.

Heath Insurance

With Maryland State Retirement Agency, you can ask to deduct health benefits premium from your monthly retirement allowance. In such a case, you do not have to worry about paying the premium separately. However, it would be best if you kept in mind that your retirement allowance will decrease. The health benefits are administered by the Health Benefits Division of the Department of Budget and Management. For more information, you can call 410-767-4775 or 1-800-307-8283.

Employer Education

The Maryland State Retirement Agency offers several training methods to help employees develop in their careers. The topics include –

  • Enrollment
  • Reporting payroll data
  • Leaves of absences
  • Transfers and purchases of service
  • Refunds
  • Re-employment after retirement
  • Unused sick leave

Member Benefit Plans

Maryland State Retirement Agency offers several benefit plans for its members and sometimes for their beneficiaries. Members can avail of the following benefit plans:

Teacher’s Pension Plans

Two types of pension plans are available for the teachers:

Teachers’ Pension System Alternate Contributory Pension Selection (for members enrolled before July 1, 2011)
  • The Non-Contributory Pension Benefit
  • The Contributory Pension Benefit
  • The Alternate Contributory Pension Selection
  • The Reformed Contributory Pension Benefit
Teachers’ Pension System Reformed Contributory Pension Benefit (for members enrolled on or after July 1, 2011)
  • The Non-Contributory Pension Benefit
  • The Contributory Pension Benefit
  • The Alternate Contributory Pension Selection
  • The Reformed Contributory Pension Benefit

Employee’s Pension Plans

Here also two types of pension plans are available for the employees:

Employees’ Pension System Alternate Contributory Pension Selection (for members enrolled before July 1, 2011)
  • The Non-Contributory Pension Benefit
  • The Contributory Pension Selection
  • The Alternate Contributory Pension Selection
  • The Reformed Contributory Pension Benefit
Employees’ Pension System Reformed Contributory Pension Benefit (for members enrolled on or after July 1, 2011)
  • The Non-Contributory Pension Benefit
  • The Contributory Pension Selection
  • The Alternate Contributory Pension Selection
  • The Reformed Contributory Pension Benefit

Employees’ and Teachers’ Retirement System

Three types of plans are available for employers’ and teachers’ retirement system –

  • Plan A: Member with a higher contribution rate (generally 7% of pay)
  • Plan B: Member with pre-1984 contribution rate (generally 5% of pay)
  • Plan C: Member with the two-part or bifurcated benefit

Besides these, there are other plans like –

  • Correctional Officers’ Retirement System
  • Maryland State Police Retirement System
  • Law Enforcement Officers’ Pension System
  • Legislative Pension Plan

Maryland State Retirement Agency is an outstanding opportunity for retired government employees. You can get several benefits and security regarding your retirement pension. For more information, you can visit their website.

Frequently Asked Questions

Q. How do I contact the Maryland State Retirement Agency?

  Member Services mySRPS Registration Hot Line
Toll-Free 1-800-492-5909 1-844-314-4766
Local 410-625-5555 443-743-1232
TDD/TTY Use Maryland Relay Use Maryland Relay

 

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