Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. e-mail: rburd@sra.state.md.us Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES INVESTMENT OPERATIONS & ACCOUNTING e-mail: rdiehl@sra.state.md.us BENEFITS PROCESSING Maryland Independent Agencies Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards 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 NETWORK OPERATIONS Delores J. Mitchell, Director (410) 625-5651 This years COLA rate for the fiscal year beginning July 1 is Search the Manual Maryland Departments INVESTMENT OPERATIONS & ACCOUNTING Gregory Ricci, Managing Director (410) 625-5631 You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. RETIREMENT ADMINISTRATION DIVISION INVESTMENT OPERATIONS & ACCOUNTING %%EOF This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). AUDIT COMMITTEE Deposit Advice mailed to the homes of all retirees on July 31. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us FISCAL ACCOUNTING 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. His new term will begin August 1. Under the simple rate, the increase is based on the retirees retirees receiving the compound rate, the COLA increase is based Maryland Independent Agencies Systems assets to $67.9 billion, an increase of $13.3 billion 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . This web site is presented for reference purposes under the doctrine of fair use. INFORMATION SYSTEMS A. 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. line-of-duty death benefit is available to certain families of PRIVATE EQUITY Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS For more information on your plan, please visit the Maryland State Retirement Agency's website athttps://sra.maryland.gov/retirees, https://sra.maryland.gov/post/eligible-retirees-receive-1234-cost-living-adjustment-july, 8379 Piney Orchard Parkway, Suite A Vacancy, Director (410) 625-5608 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 SPECIAL PROJECTS e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING correctional officers and police will notice an increase to their Dimitri Grechenko, Managing Director (410) 625-5614 Danita Johnson, Managing Director (410) 625-5629, RETIREMENT ADMINISTRATION DIVISION Retirement check-ups can help keep you on top of your retirement. The COLA does not apply to retired Maryland legislators, judges or governors. Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. PUBLIC EQUITY The COLA rate of 4.698% becomes effective July 1, 2022. SBCs are benefit plan summaries that are intended to provide "clear, understandable and straightforward information on what health plans will cover, what limitations or conditions will apply, and what they will pay for," according to the U.S. Department of Health and Human Services. DATA CONTROL . State Retirement & Pension System, 1994-. For additional information, please visit the Maryland State Retirement Agency website. 120 East Baltimore St., Baltimore, Maryland, February 2004. Maryland Constitutional Offices & Agencies on their current allowance, allowing COLAs to compound over time. FIXED INCOME CURRENCIES & COMMODITIES State firefighters, police officers and troopers will. Charelle Saunders, Director (410) 625-5500 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 . Gregory Ricci, Managing Director (410) 625-5631 Other caps may apply. Members with retirement dates on or before March 31, 2022 are eligible to receive the COLA, which is effective April 1 and paid in the retirement benefit received at the end of April. Danita Johnson, Managing Director (410) 625-5629 a $59 million increase over FY 2022. 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 February 16, 2022 Baltimore County. 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. Maryland Counties Douglas Prouty, Chair RECORDS MANAGEMENT This year's COLA rate is 1.812%. e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 The formula used by the state is not the same that Social Security uses. The state started the session in January with about $4.6 billion in surplus, and the amount grew even higher as officials revised revenue estimates earlier this month. Gregory Ricci, Managing Director (410) 625-5631 COLAs may not exceed the CPI. on or after July 1, 2011 will be 2.00 percent. beenselected astheSystemsnew Executive LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. This year, the COLA rate does not exceed any of the rate caps Retiree Forms. If you need help logging into mypenpay,call system support at (866) 471-0368. (For retirees who transferred into Vincent S. Johnson, Director (410) 625-5554 Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023. OBJECTIVE CRITERIA COMMITTEE MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. System or to retired legislators or judges. Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT Danita Johnson, Managing Director (410) 625-5629 fiscal year. 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. become effective July 1, 2022. 6mm cartilage earrings. Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, prior to July 1, 2011 will be 3.00 percent, and. Bill No. External Affairs Division. Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 0165 State Police Retirement System 78.09% of 0101 . 402 0 obj <>stream 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. The adjustment is tied to the U.S. State Employees - Maryland.gov State Employees Benefits Careers Collective Bargaining Contact the Office of Personnel Services & Benefits (OPSB) Emergency Closings Employee Resources Payroll Retirement State Holidays Statewide Phone Directory Online Services Payroll Online Service Center (POSC) Complete Your Open Enrollment Elections Quick ReferenceGuide-. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Charles D. So, Director (410) 625-5590 This form maybe used by taxpayers to report income modifications and credits applicable to tax year 2022 that are enacted after December 31, 2022. The term of the incumbent public member is due to expire on June 30, 2023. Q. REAL ASSETS (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 affordable 55 and older apartments for rent near illinois. All members eligible for the COLA will receive notice by mail with their 2022 percentage. adjustment (COLA) takes effect. The COLA rate is calculated using a formula the Local Fire and Police System from the Employees Retirement State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. Banks, Director (410) 625-2370 Maryland Constitutional Offices & Agencies Lawrence P. Katsafanas, Managing Director (410) 625-5626 A. Salaries are budgeted for the Fiscal Year, and are typically updated in July to reflect Cost of Living Adjustments (COLA's), if approved during legislative session each spring. RETIREMENT ADMINISTRATION DIVISION For service Disclaimer. As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. David S. Toft, Sr., Director (410) 625-5562 Contact Us. The annual COLA is applied according to the yearly Consumer Price Index (CPI). e-mail: rdiehl@sra.state.md.us FISCAL ACCOUNTING deceased active members of the Maryland State Retirement and e-mail: apalmer@sra.state.md.us A member must be Maryland Municipalities A. actuarial rate of return (currently 6.8%) or capped at 1% in Maryland Municipalities thereinsfrom R. Dean Kenderdine, who is 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/ MEMBER SERVICES & COUNSELING Charelle Saunders, Director (410) 625-5500 Vacancy, Director (410) 625-5608, SPECIAL PROJECTS 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. MCPS Retirement Plan Members e-mail: sra@sra.state.md.us Van A. Lewis, Director (410) 625-5655 Baltimore, MD (October 19, 2021) The Board of Trustees of the Kenneth M. Reott, Retirement Administrator (410) 625-5659 by its independent actuary, Gabriel Roeder Smith & Co. (GRS). Retired Maryland teachers, state and municipal employees, NETWORK OPERATIONS For all other plans that are eligible for a COLA, the COLA will take effect July 1 and will be reflected in end-of-July benefit payments. Leshia D. Cornish-Covington, Director (410) 625-5612 Maryland State Retirement and Pension System | Baltimore MD Charles D. So, Director (410) 625-5590 Gregory Ricci, Managing Director (410) 625-5631 APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. Lawrence P. Katsafanas, Managing Director (410) 625-5626 provided in state law and is based on the change in the Consumer Rachel S. Cohen, Principal Counsel (410) 625-5684 A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY MFR (Managing for Results) - The MFR strategic plan outlines each agency's mission, vision, goals, objectives and performance metrics. investments from 7.40% to 6.80%. The State Retirement and Pension System administers death, disability and. Today, we are announcing the largest tax cut package in state history and delivering long-overdue relief for Marylands overtaxed retirees.Read my full statement: pic.twitter.com/xPbArrp01i. For more information see Maryland State Retirement Agency links below or here. Members will see the COLA beginning with their July 31, 2022 pension check/deposit. A retirees benefit system determines how the PENSION SYSTEMS OPERATIONS Payees may be eligible to receive COLAson their retirement Copyright 2023 NBCUniversal Media, LLC. A payee does not need Retiree Income Tax Credit. REAL ASSETS QUANTITATIVE STRATEGIES Melody L. Countess, Records Officer (410) 625-5650 Vincent S. Johnson, Director (410) 625-5554 Kenneth M. Reott, Retirement Administrator (410) 625-5659 Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us allowance each July. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. Please check back in the Fall of 2023 for further information. State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. QUANTITATIVE STRATEGIES upon changes in the Consumer Price Index. 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. The COLA does not apply to retired Maryland legislators, judges The Maryland General Assemblys Office PENSION SYSTEMS OPERATIONS A member must be retired at least one year as of July 1 to be eligible to receive that years increase. SPECIAL PROJECTS Search the Manual 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 Local Fire and Police System. David E. Ferguson, Managing Director (410) 625-5633 View the 2022 COLA percentagesby retirement date and plan. Retirees 65 years old and older that make up to $100,000 . SPECIAL PROJECTS The increased monthly benefit will be shown on the Automatic to be retired for at least twelve months before becoming eligible Vincent S. Johnson, Director (410) 625-5554 COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. Maryland Municipalities Dimitri Grechenko, Managing Director (410) 625-5614 The percentage change in 2022 is 9.2877%. e-mail: tmontanye@sra.state.md.us Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 It also will maintain a record level of funding in the state's Rainy Day Fund. Vacancy, Director (410) 625-5665, INVESTMENT DIVISION Typically, this benefit begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. initial retirement allowance. e-mail: kreott@sra.state.md.us, DATA CONTROL e-mail: mcountess@sra.state.md.us, OFFICE SERVICES of 24.41 by 230 basis points. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards The bill allows for eligible employees to make a one-time . endstream endobj startxref FIXED INCOME CURRENCIES & COMMODITIES Gregory C. Kasten, Managing Director (410) 625-8306 e-mail: mdmanual@maryland.gov, FINANCIAL ACCOUNTING OPERATIONS Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 120 East Baltimore St., Baltimore, MD 21202 - 1600 David S. Toft, Sr., Director (410) 625-5562 Maryland Manual On-Line Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. INFORMATION SYSTEMS SECURITY & QUALITY The chart below shows the percentage of COLA increase that . INVESTMENT OPERATIONS & ACCOUNTING payee with a retirement date of August 2018 would become eligible Charelle Saunders, Director (410) 625-5500 2021. 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. A retiree who has been retired at least one Eligible 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 2021 Legislative Session in response to the COVID-19 Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us FIXED INCOME CURRENCIES & COMMODITIES 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. Dimitri Grechenko, Managing Director (410) 625-5614 Maryland Universities & Colleges 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. correctional officers and police will notice an increase to their Photo by Diane F. Evartt. e-mail: drongione@sra.state.md.us, FINANCE DIVISION 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). The compound rate applies for eligible payees of all adjustment (COLA) takes effect. Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY e-mail: mcountess@sra.state.md.us Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. Maryland Departments 2018 would become eligible for their first COLA in July 2019. 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. Claim the subtraction using code letter "v" on Form 502SU. years when this rate is not met. 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. Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. ), 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 Maryland Constitutional Offices & Agencies Gregory C. Kasten, Managing Director (410) 625-8306 The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. 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). Gregory C. Kasten, Managing Director (410) 625-8306 December 31, compared to the CPI for the prior calendar year. Direct deposits occur on the first business day of each month: January 1, 2023 Tuesday, January 3rd, February 1, 2023 Wednesday, February 1st, March 1, 2023 Wednesday, March 1st, April 1, 2023 Monday, April 3rd, May 1, 2023 Monday, May 1st, June 1, 2023 Thursday, June 1st, July 1, 2023 Monday, July 3rd, August 1, 2023 Tuesday, August 1st, September 1, 2023 Friday, September 1st, October 1, 2023 Monday, October 2nd, November 1, 2023 Wednesday, November 1st, December 1, 2023 Friday, December 1st. MEMBER SERVICES & COUNSELING 1-888-373-7888 233733 More Information on human trafficking in Maryland Customer Service Promise 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. Member Forms. adjustment (COLA) takes effect. Information reported to the PRIVATE EQUITY Chosen by Board of Trustees: QUANTITATIVE STRATEGIES Additional information is available in theCOLA FAQ section. The adjustment is tied to the U.S. Department of Labors Consumer Price Index. REAL ASSETS Search the Manual PUBLIC EQUITY Deposit Advice mailed to the homes of all retirees on July 31. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Gregory C. Kasten, Managing Director (410) 625-8306 QUANTITATIVE STRATEGIES death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search Melody L. Countess, Records Officer (410) 625-5650 Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. 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. Kenneth M. Reott, Retirement Administrator (410) 625-5659 Vacancy, Director (410) 625-5608 The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. Rights assessment, and full originating source citation, is the responsibility of the user. retired at least one year as of July 1 to be eligible to receive 120 East Baltimore St., Baltimore, Maryland, August 2015. PUBLIC EQUITY Ajibola Akintola, Director (410) 625-5555 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 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. fraud and/or abuse of State government four-year term by members and retirees of the System. first COLA increase in July 2021. Q. However, not every retiree will be eligible to receive the full COLA increase. 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. e-mail: mcountess@sra.state.md.us, RECORDS MANAGEMENT Charles D. So, Director (410) 625-5590 or governors. specific terms of their plans. David E. Ferguson, Managing Director (410) 625-5633 Chosen by Board of Trustees: Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 of Legislative Audits operates a toll-free For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. Vacancy, Director (410) 625-5665 If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. Ajibola Akintola, Director (410) 625-5555 Maryland Counties Dimitri Grechenko, Managing Director (410) 625-5614 NETWORK OPERATIONS System, the compound rate applies.). SYSTEMS DEVELOPMENT PRIVATE EQUITY GENERAL ACCOUNTING . The benefit is now H. Joseph Puller, Director (410) 625-5878 Those retirees receive adjustments based on the Gregory Ricci, Managing Director (410) 625-5631 The Republican governor called the bipartisan deal "the largest tax cut package in state history with major and long-overdue relief for Marylands retirees.. . 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. year as of July 1, 2020 qualifies for this years COLA. Hogan and the legislature's presiding officers plan to hold a bill signing ceremony later this week. Lawrence A. The compound rate applies for eligible retirees of all systems David E. Ferguson, Managing Director (410) 625-5633 Melody L. Countess, Records Officer (410) 625-5650 OFFICE SERVICES earned on or after July 1, 2011, the adjustment is capped at 2.5% retirees receive either a compound rate or a simple rate. Retired Maryland teachers, state and municipal employees, This cap does not apply to Banks, Director (410) 625-2370 Photo by Diane F. Evartt. Richard E. Norman, Chair Maryland Universities & Colleges Maryland Independent Agencies Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us The Systems lower rate will Maryland State Retirement and Pension System. Q. 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 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. OFFICE SERVICES e-mail: rburd@sra.state.md.us DATA CONTROL MEMBER SERVICES & COUNSELING GENERAL ACCOUNTING e-mail: kreott@sra.state.md.us Vacancy, Director (410) 625-5608 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. Charelle Saunders, Director (410) 625-5500
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