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Maryland State Pension:
New employees are required to join the State Employee Pension System. There is a mandatory 3% contribution for employees until June 30, 2007; the employee contribution requirement will be 4% of earnable compensation in FY2008 5% of earnable compensation starting July 1, 2008 and 7% of earnable compensation starting July 1, 2011.
Vesting: Employees are vested in the pension system after five years of service and has increased to ten years of service if employed on or after July 1, 2011.
For more information about the Maryland State Employee Pension System visit the website at: http://www.sra.state.md.us
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Death Benefits:
The Maryland State Retirement and Pension System administers the employee death benefit provision. This benefit is monetary compensation equal to one year of salary that is awarded to an employee's designated beneficiary(ies) in the event of the employee's death while in active State service.
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Supplemental Retirement Plans:
Employees have the opportunity to participate in three (3) supplemental retirement plans:
- 457 Deferred Compensation Plan
- 403(b) Tax Deferred Annuity Plan
- 401(k) Savings & Investment Plan
Employees are eligible to participate immediately upon employment with the State. The minimum contribution is $5.00 per pay and the maximum varies by plan. Contractual employees are eligible to join, but do not receive match contributions.
More information about these plans is available at http://www.msrp.state.md.us/
