Maryland Teachers & State Employees Supplemental Retirement Plans
William Donald Schaefer Tower 6 St. Paul Street - Suite 200 ~ Baltimore, Maryland 21202-1608
410-767-8740 or 1-800-543-5605Fax 410-659-0349
to Stand Behind those Serving the Country
Supplemental Retirement Plans Waive Fee for Participants Called to Active Duty
Reinforcing its strong support for the National Guard and Military Reserves, the Board of Trustees of the Maryland Supplemental Retirement Plans (MSRP), announced that it, in cooperation with its administrator PEBSCO/Nationwide Retirement Solutions, is waiving the asset fee for participants who are called to active military duty.
The state is steadfast in a commitment to support Marylanders who are called to active duty in Maryland service of our state and country. This is another example of how Maryland will take aggressive steps to ensure that the lives of military personnel and their families will be disrupted as little as possible while they are protecting and defending the freedoms we all enjoy.
MSRP Executive Director Art Caple said, “All too often we take for granted the qualified and competent people who are charged with serving our nation and protecting its citizens. We need to realize just how lucky we are to have these men and women safeguarding our freedoms." Caple added, “This [the fee waiver] is an act by the Board and PEBSCO to recognize the active duty personnel who are looking after us. We’re waiving fees both in the interest of patriotism and as a symbol of gratitude.”
The Board's action provides that any military personnel who participates in the Maryland 401(k), 457, 403(b) and/or 401(a) match supplemental retirement plans will not be charged a fee during the time he/she is on active duty. The new policy is effective immediately and becomes automatic as soon as any participant is called to duty and covers those already serving.
The Maryland Supplemental Retirement Plans have been providing state employees tax-deferred ways to save on their own for retirement since 1975. With 80 percent participation, the Maryland plans have the highest participation rate of any other state defined contribution plan and one of the largest dollar matches.