To enable State employees and teachers to participate in voluntary tax sheltered income deferral, tax deferred annuity, and profit sharing and salary reduction savings plans that offer members tax advantages as provided in the Internal Revenue Code.
One of the most important jobs of Maryland Supplemental Plans is to provide free education to State employees about the plans, saving for retirement, and the broader topic of financial planning. MSRP's Office of Participant Services offers information booths and several types of workshops, seminars and individual sessions.
The Maryland Deferred Compensation Program was established for Maryland state employees in 1974 by Executive Order 01.01.1974.19 and under Chapter 433 of the Acts of 1974. Subsequently, the U.S. Congress established the 457(b)Deferred Compensation Plan for public employees as part of the Internal Revenue Code in 1978. In 1975, enrollment began and a seven-member Board of Trustees administered the plan.
Plan Assets for 1st Quarter 2022
Plan Asset Decrease from 4th Quarter 2021
Participants in MSRP Plans
ICP Crediting Rate (as of August 1, 2022 Annualized))
The 3rd Quarter 2022 Educational Webinars Schedule is now available