******Supplemental Retirement Plan Match Reinstated******
Effective July 1, 2005, most employees deferring into their supplemental retirement account will automatically receive the state's dollar-for-dollar match up to $400 for the fiscal year starting July 1, 2005.

Was the match a different amount before? The State match program returns on July 1, 2005 at a maximum of $400 for each eligible employee for a twelve-month period. The State match program is authorized to go as high as $600 per fiscal year for each eligible employee, but for the 2003 fiscal year (July 1, 2002 to June 30, 2003) enough funding was only provided for a $500 match for each eligible employee. Then, as hard economic conditions continued, the match program was suspended altogether for fiscal years 2004 and 2005 (from July 1, 2003 to June 30, 2005).
Who are the "eligible employees"? The state employees who are covered by the State Employees Contributory Pension System-otherwise known as the State employees modified pension system-and indicated on the employee's paystub as "ST EMP PEN-MOD".
When do I get the match money? The match is paid with each eligible employee's paycheck deferral into a supplemental retirement account paid after 7/1/05 and continues with each payday until the maximum match of $400 is reached or until the last payday before end of the 2006 fiscal year, on 6/30/06.
Where does the match money go? For MSRP participants, the match money is deposited into a seperate 401(a) match plan account.

 

 

 

 

 

 

 

 

This site provides information and education about the Maryland 457, 403(b), 401(k), and 401(a) Supplemental Retirement Plans
for Maryland State officials and employees.