maryland state retirement cola 2022

RETIREMENT ADMINISTRATION DIVISION Vacancy, Director (410) 625-5608 REAL ASSETS SYSTEMS DEVELOPMENT osu unblocked. The increased monthly benefit will be shown on the Automatic The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Plan Assets for 2nd Quarter 2022 11.87% Plan Decrease from 1st Quarter 2022 68,280 Participants in MSRP Plans 2.45% ICP Crediting Rate (as of March 1, 2023 Annualized)) Webinar The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Payees may be eligible to receive COLAson their retirement e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY Charelle Saunders, Director (410) 625-5500 Payees may be eligible to receive COLAs on their retirement allowance each July. Dimitri Grechenko, Managing Director (410) 625-5614 It also includes funding to expand access to child care and protect against growing cyber security threats. Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. RECORDS MANAGEMENT %PDF-1.6 % Dimitri Grechenko, Managing Director (410) 625-5614 Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, prior to July 1, 2011 will be 3.00 percent, and. Details of the COLA calculation are set forth in Section 1.435 and 1.435(A) of the Howard County Code. Results of Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Please note that pension information is specific to the Frederick County Employees Retirement Plan and does not apply to county employees who participate in the State of Maryland Retirement System. Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. Charelle Saunders, Director (410) 625-5500 H. Joseph Puller, Director (410) 625-5878 e-mail: sra@sra.state.md.us Retired Maryland teachers, state and municipal employees, RECORDS MANAGEMENT Member Forms. SYSTEMS DEVELOPMENT . Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! Lawrence P. Katsafanas, Managing Director (410) 625-5626 Maryland Manual On-Line Banks, Director (410) 625-2370 Q. If you answeryes toall threefollowing questions, you likely qualify. BENEFITS PROCESSING or governors. Delores J. Mitchell, Director (410) 625-5651 Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. Today, we are announcing the largest tax cut package in state history and delivering long-overdue relief for Marylands overtaxed retirees.Read my full statement: pic.twitter.com/xPbArrp01i. For fiscal year. Hogan and the legislature's presiding officers plan to hold a bill signing ceremony later this week. Photo by Diane F. Evartt. It is important to note that the increase will be applied to your gross monthly retirement benefit, before any tax withholding or health insurance premium payments. COLA rates established for 2021 Posted on March 9, 2021 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2021. Charles D. So, Director (410) 625-5590 Vacancy, Director (410) 625-5608 has increased to 76.9%, up from 73.6% reported the previous Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Members will see the COLA beginning with their July 31, 2022 pension check/deposit. Form for reporting retirement income as per enacted House Bill 1148 by the Maryland General Assembly during the 2016 Session. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent services. For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. by its independent actuary, Gabriel Roeder Smith & Co. (GRS). For 457b Plan participants, after you retire you can deal . Gregory C. Kasten, Managing Director (410) 625-8306 Vincent S. Johnson, Director (410) 625-5554 RECORDS MANAGEMENT Please enable scripts and reload this page. A member must be retired at least one year as of July 1 to be eligible to receive that years increase. We're available on the following channels. FIXED INCOME CURRENCIES & COMMODITIES 410-625-5555 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. A. July 1, 2022, qualifies for this year's COLA. Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. specific terms of their plans. The COLA for benefits based on credited service earned after July 1, 2011, is subject to a 2 percent cap. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 The fiscal year earnings far exceeded the Systems 7.40% REAL ASSETS Staff: Anne E. Gawthrop (410) 625-5602; e-mail: agawthrop@sra.state.md.us, Eric D. Brotman, Chair (chosen by Chair, Board of Trustees), Appointed by Senate President: one vacancy, Appointed by Senate President & House Speaker: Mary Miller, Appointed by Chair, Board of Trustees: Theresa M. Lochte, Ex officio: Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management, COUNSEL e-mail: tmontanye@sra.state.md.us Maryland Universities & Colleges Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Chosen by Board of Trustees: Effective, and revision dates for each set of scales is noted below. DATA CONTROL Deposit Advice mailed to the homes of all retirees on July 31. Maryland Counties In-person appointments with a retirement team representative are available by appointment only. The following conditions must be met to qualify for this special The COLA does not apply to retired Maryland legislators, judges or governors. that apply to retirees of the various state systems, so the COLA Melody L. Countess, Records Officer (410) 625-5650 line-of-duty death benefit is available to certain families of Maryland Families The Retirement Tax Reduction Act will phase-in the . Gregory C. Kasten, Managing Director (410) 625-8306 BENEFITS PROCESSING Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. Lawrence P. Katsafanas, Managing Director (410) 625-5626 It is important to note that the increase will be applied to your gross monthly retirement benefit, before any tax withholding or health insurance premium payments. For example, a payee with a retirement date of July Public members appointed by Board of Trustees with Board of Public Works' approval to 3-year terms: Michael K. Barry, 2022; Anne Shelton, 2023; Monte Tarbox, 2024. State Pension Exclusion - Retirement Income Maryland law provides a pension exclusion (in the form of a subtraction modification) for individuals who are at least 65 years old or who are totally disabled. 0 Service earned before July 1, 2011, receives a COLA based on the The agreement also includes sales tax exemptions for child care products such as diapers, car seats, and baby bottles, as well as critical health products such as dental hygiene products, diabetic care products, and medical devices. PRIVATE EQUITY Maryland at a Glance Ajibola Akintola, Director (410) 625-5555 Retiree - Cost of Living Adjustment (COLA) All Services Montgomery County Employee Retirement Plans Effective July 1, 2022, eligible retirees and others receiving annuity payments from the Montgomery County Employees Retirement System (ERS), will receive a Cost-of-Living-Adjustment (COLA). death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search alita movie. . Contact Us. Payees may be eligible to receive COLAs on their retirement allowance each July. INVESTMENT COMMITTEE QUANTITATIVE STRATEGIES the summer election were certified by the Board of Trustees July RETIREMENT ADMINISTRATION DIVISION Lawrence A. Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE A retiree who has been retired at least one Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 David E. Ferguson, Managing Director (410) 625-5633 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Vacancy, Director (410) 625-5665, INVESTMENT DIVISION for the fiscal year which ended June 30, 2021, its funded ratio Charles D. So, Director (410) 625-5590 This year, the COLA rate does not exceed any of the rate caps Vacancy, Director (410) 625-5608, Search the Manual Baltimore, MD (August 10, 2021) The Board of Trustees of the FIXED INCOME CURRENCIES & COMMODITIES Richard E. Norman, Chair David E. Ferguson, Managing Director (410) 625-5633 e-mail: kreott@sra.state.md.us hotline in the past has helped to eliminate The CPI for 2022 will increase by 5.94 percent.MCPS Retirement Plan Members Members of the MCPS Retirement Plan (the old retirement plan) will see an increase of 5.94 percent in their gross pension payment in 2022. Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING All rights reserved, Maryland Governor Submits $292M Supplemental Budget, Amendment on Abortion Doesn't Advance in Maryland, Maryland Judge Rules New Congressional Map Unconstitutional, Eagles Wide Receiver Zach Pascal Robbed at Gunpoint in Maryland, Watch News4: Live and Replays on NBC4 App, Peacock, Roku, Samsung TV Plus & Xumo Play, Good Samaritan Rescues Woman From Frigid Potomac River. Gregory C. Kasten, Managing Director (410) 625-8306 Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. The plan includes the Work Opportunity Tax Credit to incentivize employers and businesses to hire and retain workers from underserved communities that have faced significant barriers to employment. A payee does not need The state started the session in January with about $4.6 billion in surplus, and the amount grew even higher as officials revised revenue estimates earlier this month. NETWORK OPERATIONS conducted by Denver-based EFL Associates, the Board of Trustees Maryland Independent Agencies Baltimore, MD (October 19, 2021) The Board of Trustees of the PRIVATE EQUITY RETIREMENT ADMINISTRATION DIVISION This year's COLA rate is 4.698 percent. Kenneth M. Reott, Retirement Administrator (410) 625-5659 Banks, Director (410) 625-2370 External Affairs Division. As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". 6mm cartilage earrings. Leshia D. Cornish-Covington, Director (410) 625-5612 Kenneth M. Reott, Retirement Administrator (410) 625-5659 Maryland Counties ADMINISTRATION Montgomery County Employee Retirement Plans 101 Monroe Street, 6th Floor Rockville, Maryland 20850 Benefits: Email | Phone: 240-777-8230 Disability Benefits: Email | Phone: 240-777-0815 Investments: Email | Phone: 240-777-8220 Fax: 240-306-1389 About MCERP | Review Department's performance on CountyStat Annual Comprehensive Financial Report 2021 MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . SPECIAL PROJECTS When combined with a recently enacted gas tax suspension, the governor's office said this legislative session will deliver nearly $2 billion in tax relief. Q. Maryland Independent Agencies For service announced thatMartin Noven,ofIllinois,has Gregory Ricci, Managing Director (410) 625-5631 of those systems receive a salary increase. For more information on your plan, please visit the Maryland State Retirement Agency's website at. Copyright 2023 NBCUniversal Media, LLC. Retiree Forms. Melody L. Countess, Records Officer (410) 625-5650 If you need help logging into mypenpay,call system support at (866) 471-0368. QUANTITATIVE STRATEGIES MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. become effective July 1, 2022. Systems assets to $67.9 billion, an increase of $13.3 billion ADMINISTRATION This year's COLA rate is 1.812%. 402 0 obj <>stream Lawrence P. Katsafanas, Managing Director (410) 625-5626 monthly retirement benefit in July as the annual cost-of-living The bill allows for eligible employees to make a one-time . The agreement also makes a one-time $800 million investment in the state's sweeping education reform plan known as the Blueprint for Marylands Future. Gregory Ricci, Managing Director (410) 625-5631 Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect. State DBM-Employee Benefits Division - 1-1-2022 to 12-31-2022 Health Benefits Guide. Danita Johnson, Managing Director (410) 625-5629 Retiree News and Notes, July newsletter. Lawrence P. Katsafanas, Managing Director (410) 625-5626 The COLA rate is calculated using a formula provided in state law and is based on the change in the Consumer Price Index (CPI) for the most recent calendar year ending December 31, compared to the CPI for the prior calendar year. All rights reserved. Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. INFORMATION SYSTEMS SECURITY & QUALITY Trustee members appointed by Board of Trustees: James P. Daly, Jr.; Dereck E. Davis; Sheila Hill; Richard E. Norman; Douglas Prouty; Michael J. Stafford, Jr., two vacancies. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. of fees, on investments for the fiscal year that ended June 30, This bipartisan agreement helps hundreds of thousands of seniors on fixed incomes who are struggling with inflation and puts families on a stronger footing as they buy necessities and pay for child care or college, Jones said in a statement. A retiree who has been retired at least one year as of July 1, 2021 qualifies for this year's COLA. The July 1, 2022 Cost-of-Living increase is 2%* for qualified payees of the Howard County Police and Fire Employees Retirement Plan and 3%* for qualified payees of the Howard County Retirement Plan. of the Maryland State Retirement and Pension System (MSRPS) today Vacancy, Director (410) 625-5608 Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Eligible retirees to receive 1.812% cost-of-living adjustment in July. Ajibola Akintola, Director (410) 625-5555 120 East Baltimore St., Baltimore, Maryland, August 2015. Maryland Gov. 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The CPI for 2022 will increase by 5.94 percent. Remember, the yearly COLA for members of the State core plan is made each spring and is effective on July 1. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us e-mail: kreott@sra.state.md.us Noventakes over for their first COLA in July 2020. e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS members and retirees of the Employees and Teachers Retirement The Systems lower rate will Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us years when this rate is not met. This is a noticeable increase from the 2021 COLA. BENEFITS PROCESSING Rachel S. Cohen, Principal Counsel (410) 625-5684 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. e-mail: apalmer@sra.state.md.us 2022 Cost-of-Living Adjustment Coming in May. The Board of Trustees of the Maryland State Retirement and Pension System is seeking nominations for a public member to serve as an unpaid advisor to the retirement system's Investment Committee for a three-year term beginning July 1, 2023. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards State resources. The adjustment is tied to the U.S. Van A. Lewis, Director (410) 625-5655 Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. SPECIAL PROJECTS SYSTEMS DEVELOPMENT 95-17 created the Anne Arundel County Employee Retirement Savings Plan. Vincent S. Johnson, Director (410) 625-5554 The July 1, 2022 Cost-of-Living increase is 2%* for qualified payees of the Howard County Police and Fire Employees Retirement Plan and 3%* for qualified payees of the Howard County Retirement Plan. deceased active members of the Maryland State Retirement and Please enable JavaScript in your browser. Price Index (CPI) for the most recent calendar year ending Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. e-mail: mcountess@sra.state.md.us, OFFICE SERVICES Complete Your Open Enrollment Elections Quick ReferenceGuide-. year as of July 1, 2020 qualifies for this years COLA. Lawrence P. Katsafanas, Managing Director (410) 625-5626 State Police Retirement System, 1949-70. Q. MFR (Managing for Results) - The MFR strategic plan outlines each agency's mission, vision, goals, objectives and performance metrics. QUANTITATIVE STRATEGIES February 16, 2022 Baltimore County. fraud hotline to receive allegations of David E. Ferguson, Managing Director (410) 625-5633 MEMBER SERVICES & COUNSELING Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more. Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. monthly retirement benefit in July as the annual cost-of-living Charelle Saunders, Director (410) 625-5500 Maryland at a Glance e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING Gregory Ricci, Managing Director (410) 625-5631 . SYSTEMS DEVELOPMENT 73 were here. A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . e-mail: apalmer@sra.state.md.us Melody L. Countess, Records Officer (410) 625-5650 Gregory Ricci, Managing Director (410) 625-5631 State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. H. Joseph Puller, Director (410) 625-5878 If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. Questions? Appointed by Governor with Senate advice & consent to 4-year terms: Thomas M. Brandt, Jr., 2023; Michael J. Howard, 2023; Michael J. Stafford, Jr., 2023; Matthew W. Wyksiel, 2024; James P. Daly, Jr., 2025; Robert F. Sandlass, Jr., 2025. The adjustment is tied to the U.S. Department of Labors Consumer Price Index. e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING e-mail: mdmanual@maryland.gov, FINANCIAL ACCOUNTING OPERATIONS CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. OFFICE SERVICES e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 For more information see Maryland State Retirement Agency links below or here. MEMBER SERVICES & COUNSELING Search the Manual A. A. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%, Actuary Says MSRPS Funded Ratio Nearly 77%, State Retirement Board Reduces Actuarial Assumed Rate of Return, Rate reduced from 7.40% to 6.80% for Fiscal 2023, The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021, Fund grows more than $13 billion to nearly $68 billion, SRPS members return Craddock to Board of Trustees, COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System, Special Benefit Covers Period Between March 5, 2020 and July 1, 2022, Martin Noven named Executive Director of Maryland State Retirement Agency, Eligible retirees to receive 1.234% cost-of-living adjustment in July. Gregory Ricci, Managing Director (410) 625-5631 A payee must be retired for at least twelve months before they are eligible for their first COLA. investments from 7.40% to 6.80%. DATA CONTROL the correct adjustment to each individual retirement allowance. on their current allowance, allowing COLAs to compound over time. At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. initial retirement allowance. It is not necessary for agencies to submit duplicate requests to the Office . QUANTITATIVE STRATEGIES Ajibola Akintola, Director (410) 625-5555 Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES Maryland Municipalities actuarial rate of return (currently 6.8%) or capped at 1% in For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. The latest Retirement Outlook is now available. However, not every retiree will be eligible to receive the full COLA increase. affordable 55 and older apartments for rent near illinois. This new retirement plan is an alternative savings plan to the Employees' Retirement Plan for employees hired on or after July 1, 2018 and for employees hired on or after December 1, 2014 who have not yet vested in the Employees' Retirement Plan. Lawrence A. SBCs are benefit plan summaries that are intended to provide "clear, understandable and straightforward information on what health plans will cover, what limitations or conditions will apply, and what they will pay for," according to the U.S. Department of Health and Human Services. Leshia D. Cornish-Covington, Director (410) 625-5612 Maryland Independent Agencies upon changes in the Consumer Price Index. Those who Retiree Income Tax Credit. Gregory C. Kasten, Managing Director (410) 625-8306 120 East Baltimore St., Baltimore, Maryland, February 2004. The System is on track to be 80% funded by 2026; 85% Maryland Constitutional Offices & Agencies JavaScript is required to use content on this page. SYSTEMS DEVELOPMENT February 17, 2022 - Governor Larry Hogan today submitted a $74.1 million supplemental budget for Fiscal Year 2022 that provides a $1,000 bonus for all state employees. on or after July 1, 2011 will be 2.00 percent. Sign up for the County Executive's weekly newsletter and stay up to date on everything Howard County. SPECIAL PROJECTS retirees receive either a compound rate or a simple rate. (For retirees who transferred into David S. Toft, Sr., Director (410) 625-5562 The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . REAL ASSETS Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect. 20. Maryland State Retirement and Pension System. The Maryland Retirement Tax Elimination Act. Search the Manual It also will maintain a record level of funding in the state's Rainy Day Fund. Vincent S. Johnson, Director (410) 625-5554 Search the Manual assumed actuarial return rate and surpassed its policy benchmark MCPS Pension Plan Members For MCPS Pension Plan members, the COLA for benefits based on credited service earned prior to July 1, 2011, is subject to a 3 percent cap. servingasExecutiveDirectorfor the last 14 correctional officers and police will notice an increase to their The supplemental budget is submitted to the legislature as an amendment to the governor's proposed budget for Fiscal Year 2022, which provides a record $7.5 billion for K-12 education, historic . Melody L. Countess, Records Officer (410) 625-5650 Finance Division. Danita Johnson, Managing Director (410) 625-5629 INVESTMENT OPERATIONS & ACCOUNTING The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. The 2022-2023 mini grant application period is now closed.