For those who are members of the Employees’ Pension System:
We have fantastic news to share with you! Starting July 1, 2023, the state has reinstated the highly popular match program, providing an opportunity for even greater retirement savings. If you are a member of the Maryland State Employee’s Pension System, you can take advantage of this program by contributing to any USM Supplemental Retirement Account (SRA) administered by TIAA, Fidelity, or MSRP through Nationwide.
Determining your eligibility is easy. Simply refer to your paystub in GullNet and look for the “St Emp Pen” deduction code. If you spot it, congratulations! You are eligible for the match.
- Under this program, the State will match your eligible deferrals/contributions to the following plans:
- TIAA: 457(b), 403(b), or 403(b) ROTH
- Fidelity: 457(b), 403(b), or 403(b) ROTH
- MSRP Nationwide: 457(b), 457(b) ROTH, 401(k), or 403(b)
And here’s the best part: for every dollar you defer or contribute, the State will contribute a dollar on your behalf, up to a maximum of $600 each fiscal year. And the funds are vested 100% immediately.
Rest assured, the matching funds will be conveniently and automatically deposited into a 401(a) plan with your chosen vendor. If you are already contributing to an SRA, there’s nothing further you need to do to receive the match. You can easily keep track of this account by accessing your vendor’s web portal.
It’s essential not to miss out on this incredible opportunity. If you meet the eligibility criteria but are not currently contributing to the SRA, we strongly encourage you to consider participating. By doing so, you can also take full advantage of the match, effectively increasing your retirement savings.
The enrollment/change forms can be found on the Human Resources webpage > Benefits > Retirement Plans.
To submit an SRA deduction change request form, the original, paper form, signed with an ink pen will need to be dropped off or delivered to the Human Resources Office for processing.
Don’t let this chance slip away—seize the opportunity to maximize your retirement funds and secure a brighter future. Start your contribution today and let the state contribute alongside you.
Please note, legislative approval was only given for participants of the Employees’ Pension System. The Optional Retirement Program, Teachers’ Retirement & Pension System, Employees’ Retirement System, and LEOPS were not included in the legislative approval.
Investing involves risk, including risk of loss.
Please let me know if you have any questions.
Thank you,
Nadalyne Campbell
Benefits Specialist, Human Resources
Salisbury University