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