Who we are and what we do

MSRP is an independent State agency that was established in 1974 to serve State of Maryland employees by offering them the optional retirement benefit of several defined contribution plans to help supplement the State pension benefit. Voluntary enrollment in the Plans began in 1975.

MSRP provides three voluntary, tax-advantaged savings programs to all State employees and elected officials including:

1. 457(b) Deferred Compensation Plan (both pre-tax and Roth post-tax accounts)

2. 401(k) Savings and Investment Plan (both pre-tax and Roth post-tax accounts)

3. 403(b) Tax-deferred Annuity Plan (only pre-tax, and only for employees in State educational institutions).

A fourth plan, the 401(a) Match Plan, uses employer contributions and is provided to most regular State employees who are voluntarily contributing to an employer-sponsored supplemental retirement plan. The match provides a dollar-for-dollar employer match, up to $600 per fiscal year as authorized in the State budget.

Our Mission:

To enable State employees 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.

Our Vision:

A State that sponsors productive voluntary retirement savings programs for all its employees to secure economic stability for themselves and their families in later years.

The Board

The Plans are administered by a nine-member fiduciary Board of Trustees (“the Board”). Trustees are appointed by the Governor to staggered four-year terms. The Governor selects three members from one of the following State agencies or departments: the Department of Budget and Management; the Department of Education; the Comptroller of the Treasury; the State Treasurer’s Office; the State Retirement and Pension System; or the Higher Education Commission. Three other members must be eligible to participate in one or more of the Plans, and at least one must be eligible for the 403(b) plan. Three additional members represent the general public and are not eligible to participate in the Plans; at least one of these members must have experience with defined contribution and salary reduction plans.

The Board appoints the Executive Director & Board Secretary, who is responsible for all aspects of MSRP’s operations, including oversight of the plan administrator/record keeper, stable value fund manager, and investment advisor.