Maryland Municipalities e-mail: apalmer@sra.state.md.us INFORMATION SYSTEMS SECURITY & QUALITY a $59 million increase over FY 2022. e-mail: mcountess@sra.state.md.us, FISCAL ACCOUNTING FIXED INCOME CURRENCIES & COMMODITIES e-mail: apalmer@sra.state.md.us Leshia D. Cornish-Covington, Director (410) 625-5612 Larry Hogan and leaders in the legislature have reached a $1.86 billion agreement for tax relief over five years for retirees, small businesses and low-income families, officials announced Monday. e-mail: rburd@sra.state.md.us retired at least one year as of July 1 to be eligible to receive Maryland State Retirement & Pension Systems, 1982-94. COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. NEW NRTA film on their NRTA 75th Anniversary AARP News. It is not necessary for agencies to submit duplicate requests to the Office . Ajibola Akintola, Director (410) 625-5555 December 31, compared to the CPI for the prior calendar year. This form maybe used by taxpayers to report income modifications and credits applicable to tax year 2022 that are enacted after December 31, 2022. The CPI for 2022 will increase by 5.94 percent. (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 Lawrence A. The System is on track to be 80% funded by 2026; 85% 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. The agreement also makes investments to support public safety and victims of crime and the state's health system by supporting hospitals, nursing homes and assisted living facilities. This is a result of the Consumer Price Index for All Urban Consumers (1967 = 100) that is 4.70% for 2021. GENERAL ACCOUNTING 73 were here. Charles D. So, Director (410) 625-5590 State firefighters, police officers and troopers will. - State support per student has grown by 130% since Governor Hogan took office. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. The funds performance raised the You may be trying to access this site from a secured browser on the server. Typically, this benefit begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. Each January 1, Montgomery County Public Schools (MCPS) Employees Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). the summer election were certified by the Board of Trustees July e-mail: mdmanual@maryland.gov, Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 For 457b Plan participants, after you retire you can deal . Maryland at a Glance PRIVATE EQUITY PRIVATE EQUITY "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . e-mail: kreott@sra.state.md.us, DATA CONTROL e-mail: rburd@sra.state.md.us A. Photo by Diane F. Evartt. Pension System Board since 2018, has been re-elected to a second Maryland Independent Agencies deceased active members of the Maryland State Retirement and Maryland Departments upon changes in the Consumer Price Index. State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. Q. FIXED INCOME CURRENCIES & COMMODITIES MEMBER SERVICES & COUNSELING A. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. The increased monthly benefit will be shown on the Automatic conducted by Denver-based EFL Associates, the Board of Trustees Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards The bill allows for eligible employees to make a one-time . fraud and/or abuse of State government Vacancy, Director (410) 625-5665 MEMBER SERVICES & COUNSELING State resources. Copyright 2023 NBCUniversal Media, LLC. Additional information is available in theCOLA FAQ section. 0 This web site is presented for reference purposes under the doctrine of fair use. David E. Ferguson, Managing Director (410) 625-5633 Lawrence A. FISCAL ACCOUNTING The agreement includes tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. ADMINISTRATION Form for reporting retirement income as per enacted House Bill 1148 by the Maryland General Assembly during the 2016 Session. affordable 55 and older apartments for rent near illinois. Search the Manual Contact Us. 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. Maryland Independent Agencies DATA CONTROL BALTIMORE, MD (June 4, 2020) Effective immediately, a special Those who champion clothes for men. Gregory C. Kasten, Managing Director (410) 625-8306 Vacancy, Director (410) 625-5665 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Vacancy, Director (410) 625-5608 OBJECTIVE CRITERIA COMMITTEE DBM will provide funding in the DBM Allowance budget for any FY 2022 salary adjustment for COLA and/or SLEOLA . Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governor's office said By Brian Witte Published March 29, 2022 Updated . Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . Kenneth M. Reott, Retirement Administrator (410) 625-5659 Vacancy, Director (410) 625-5608, SPECIAL PROJECTS 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. e-mail: sra@sra.state.md.us announced thatMartin Noven,ofIllinois,has A NRTA News . "The significant increase in capital spending, coupled with the Work Opportunity Tax Credit, will help Maryland businesses put more chronically unemployed Marylanders back to work.. NETWORK OPERATIONS Maryland at a Glance Noventakes over The COLA does not apply to retired Maryland legislators, judges or governors. over the prior fiscal year. %%EOF For more information see Maryland State Retirement Agency links below or here. Melody L. Countess, Records Officer (410) 625-5650 State Police Retirement System, 1949-70. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Gregory Ricci, Managing Director (410) 625-5631 Maryland State Retirement and Pension System (MSRPS) has voted to servingasExecutiveDirectorfor the last 14 Dimitri Grechenko, Managing Director (410) 625-5614 A. Danita Johnson, Managing Director (410) 625-5629, RETIREMENT ADMINISTRATION DIVISION Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 thereinsfrom R. Dean Kenderdine, who is Maryland Counties Search the Manual PUBLIC EQUITY 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. years. H. Joseph Puller, Director (410) 625-5878 adjustment (COLA) takes effect. INVESTMENT COMMITTEE INVESTMENT OPERATIONS & ACCOUNTING for their first COLA in July 2020. Retirement check-ups can help keep you on top of your retirement. Gregory C. Kasten, Managing Director (410) 625-8306 Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. INVESTMENT DIVISION Gregory C. Kasten, Managing Director (410) 625-8306 annual increase is calculated for his or her payment. Disclaimer. Retirees 65 years old and older that make up to $100,000 . Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS the correct adjustment to each individual retirement allowance. Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Lawrence P. Katsafanas, Managing Director (410) 625-5626 Effective, and revision dates for each set of scales is noted below. plan provisions in place when the service was earned. This year, the COLA rate does not exceed any of the rate caps Retirement Coordinator Scott Southern - Retirement Coordinator by phone at 410-313-2363 , or Contact Karen Gerald- Assistant Retirement Coordinator by phone at 410-313-3450 (Work) We're available on the following channels. . Maryland Gov. Maryland State Retirement Agency; Maryland State Treasurer's Office; Maryland Tax Court; . Maryland Municipalities The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. Vacancy, Director (410) 625-5665 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. Per San Diego Municipal Code section 24.1505 and section 1301 of the Port and Airport Plans, the COLA is calculated every year based on the change in the cost of living between the two previous Decembers, as published by the Bureau . His new term will begin August 1. You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). The formula used by the state is not the same that Social Security uses. Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. for the fiscal year which ended June 30, 2021, its funded ratio Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 retirees receiving the compound rate, the COLA increase is based Photo by Diane F. Evartt. REAL ASSETS for each eligible retiree will be based on the COLA rate of 6mm cartilage earrings. Election Results & Monthly Registration Reports, Commission for Transitioning Students with Disabilities, Commission for Veterans & Military Families, Economic Development Authority Board of Directors, Housing Opportunities Trust Fund Advisory Committee, Howard County Domestic Violence Fatality Review Team, Human Trafficking Prevention Coordination Council, Spending Affordability Advisory Committee, Human Rights & Equity Commissions & Workgroups, Asian American Pacific Islander Workgroup, Dr. Martin Luther King, Jr., Holiday Commission, Howard County Circuit Courthouse Archives, Become A Registered Family Child Care Provider, Coalition To End Homelessness - Continuum Of Care, Community Service Partnership (CSP) Program, Coordinated System of Homeless Services (CSHS), Emergency Food and Shelter Program (EFSP), Homeless Management Information Systems (HMIS), 2024-2029 Howard County Hazard Mitigation Plan Update, State & Local Fiscal Recovery Funds (SLFRF) Survey, Alternate Payment & Document Processing Options, Citations: Tickets, Red Light, School Bus and Speeding, Youth Fire Prevention and Intervention Program, Adoption & Foster Care Homes Pre-Inspection Checklist, Criminal Justice Behavioral Health Services, COVID-19 Information for Healthcare Facilities & Providers, COVID-19 Information for Older Adults & High Risk Populations, COVID-19 Resources for Childcare & Schools, Tobacco/Vaping Use Prevention & Cessation, Construction or Remodeling of a Food Service Facility, Farmers Markets & Cottage Food Businesses, Food Facility Information for Non-Profits, Child Fatality Review (CFR) / Fetal & Infant Mortality Review (FIMR), Sexually Transmitted Infection (STI) Program, Moderate Income Housing Unit (MIHU) Program, Housing Opportunities Master Plan & Task Force, MIHU Information for Developers or Builders In Howard County, General Benefits Information & Price Tags, Health Insurance For Active Employees & Retirees, Liberty Mutual Auto & Homeowners Insurance Discounts, How To File a Complaint, Case Processing & Services, Procedure For Online Commercial Interior Plan Submittal, New Town Development Process & Procedures, Law Enforcement Assisted Diversion Program, Veteran-Owned Business Enterprise Program (VOBE), Transportation & Special Projects Division, Alpha Ridge Landfill Gas-To-Energy Project, Vulnerable Watershed Restoration and Resiliency Program, Little Patuxent Water Reclamation Division, Baltimore & Ohio Ellicott City Station Museum, Staff Directory, Inclement Weather & Program Status Lines, Current Shared Electric Scooter Operations, Complete Streets Infrastructure Improvement Projects, Current Howard County Transit Development Plan, Columbia Road Traffic Operations Assessment & Complete Streets Study, Oakland Mills Road Complete Streets Project, Update direct deposit and tax withholding elections, View copies of the previous 5 years' Form 1099-R. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us AUDIT COMMITTEE Ajibola Akintola, Director (410) 625-5555 Banks, Director (410) 625-2370 For retirees under the Local Fire and Police System and Employee's Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. Delores J. Mitchell, Director (410) 625-5651 Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. QUANTITATIVE STRATEGIES Maryland at a Glance PUBLIC EQUITY 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. Maryland Independent Agencies FY 2023 (01/01/2023) REAL ASSETS Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards It also will maintain a record level of funding in the state's Rainy Day Fund. Finance Division. on or after July 1, 2011 will be 2.00 percent. 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). Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us David E. Ferguson, Managing Director (410) 625-5633 David E. Ferguson, Managing Director (410) 625-5633 Maryland is both a high income and high cost-of-living state, a tribute to its robust economy and educated workforce but a potential problem for those living on a fixed income as so many older . e-mail: kreott@sra.state.md.us Leshia D. Cornish-Covington, Director (410) 625-5612 Please enable scripts and reload this page. Lawrence P. Katsafanas, Managing Director (410) 625-5626 alita movie. Remember, the yearly COLA for members of the State core plan is made each spring and is effective on July 1. PUBLIC EQUITY Melody L. Countess, Records Officer (410) 625-5650 The COLA does not apply to retired Maryland legislators, judges Retired Maryland teachers, state and municipal employees, Lawrence P. Katsafanas, Managing Director (410) 625-5626 SYSTEMS DEVELOPMENT Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). Dimitri Grechenko, Managing Director (410) 625-5614 Questions? ADMINISTRATION FAQs. Lawrence P. Katsafanas, Managing Director (410) 625-5626 BENEFITS PROCESSING Local Fire and Police System. Lawrence P. Katsafanas, Managing Director (410) 625-5626 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. The term of the incumbent public member is due to expire on June 30, 2023. 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. Maryland State Retirement and Pension System (MSRPS) today 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 QUANTITATIVE STRATEGIES For service Maryland Universities & Colleges reduce the Systems actuarial assumed rate of return on its Danita Johnson, Managing Director (410) 625-5629 Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 GENERAL ACCOUNTING Who qualifies to receive the COLA this July? e-mail: rdiehl@sra.state.md.us State Employees - Maryland.gov State Employees Benefits Careers Collective Bargaining Contact the Office of Personnel Services & Benefits (OPSB) Emergency Closings Employee Resources Payroll Retirement State Holidays Statewide Phone Directory Online Services Payroll Online Service Center (POSC) by its independent actuary, Gabriel Roeder Smith & Co. (GRS). FIXED INCOME CURRENCIES & COMMODITIES State DBM-Employee Benefits Division - 1-1-2022 to 12-31-2022 Health Benefits Guide. Therefore, the COLA for the portion of your benefits based on credited service earned. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. QUANTITATIVE STRATEGIES REAL ASSETS 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. Danita Johnson, Managing Director (410) 625-5629 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. %PDF-1.6 % 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. available due to legislation the General Assembly enacted during 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. Sign up for the County Executive's weekly newsletter and stay up to date on everything Howard County. RECORDS MANAGEMENT Search the Manual SYSTEMS DEVELOPMENT New! actuarial rate of return (currently 6.8%) or capped at 1% in . Banks, Director (410) 625-2370 Gregory C. Kasten, Managing Director (410) 625-8306 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. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. Maryland at a Glance Charles D. So, Director (410) 625-5590 Maryland Counties four-year term by members and retirees of the System. SYSTEMS DEVELOPMENT line-of-duty death benefit is available to certain families of GRS The latest Retirement Outlook is now available. This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. MCPS Retirement Plan Members Lawrence P. Katsafanas, Managing Director (410) 625-5626 Maryland Municipalities Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. tiktok selfie challenge. H. Joseph Puller, Director (410) 625-5878 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. The increased monthly benefit will be shown on the Automatic QUANTITATIVE STRATEGIES has increased to 76.9%, up from 73.6% reported the previous All in all, a record $7.5 billion will be invested in Maryland's public school system this year. The Republican governor called the bipartisan deal "the largest tax cut package in state history with major and long-overdue relief for Marylands retirees.. Gregory C. Kasten, Managing Director (410) 625-8306 David E. Ferguson, Managing Director (410) 625-5633 1.812%. The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. FIXED INCOME CURRENCIES & COMMODITIES Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . Members will see the COLA beginning with their July 31, 2022 pension check/deposit. Charelle Saunders, Director (410) 625-5500 become effective July 1, 2022. of Legislative Audits operates a toll-free It comprises about $1.55 billion of the overall agreement. H. Joseph Puller, Director (410) 625-5878 Vacancy, Director (410) 625-5608, Search the Manual DATA CONTROL e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 ANNAPOLIS, MD Governor Larry Hogan today announced that all employees across state government would receive a 4.5% cost of living adjustment (COLA )increase effective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. The annual COLA is applied according to the yearly Consumer Price Index (CPI). The compound rate applies for eligible payees of all adjustment (COLA) takes effect. Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 MFR (Managing for Results) - The MFR strategic plan outlines each agency's mission, vision, goals, objectives and performance metrics. RECORDS MANAGEMENT Vacancy, Director (410) 625-5608 for at least twelve months before they are eligible for their The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! e-mail: kreott@sra.state.md.us Maryland State Retirement and Pension System (MSRPS) today For more information see Maryland State Retirement Agency links below or here. first COLA. when the systems investment fund earns or exceeds its assumed OFFICE SERVICES PENSION SYSTEMS OPERATIONS e-mail: tmontanye@sra.state.md.us Retired Maryland teachers, state and municipal employees, e-mail: mcountess@sra.state.md.us, OFFICE SERVICES REAL ASSETS Chosen by Board of Trustees: Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING Kenneth M. Reott, Retirement Administrator (410) 625-5659 Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. DATA CONTROL RETIREMENT ADMINISTRATION DIVISION The State Retirement and Pension System administers death, disability and. COLAs are effective with the July benefit payment, and are based However, not every retiree will be eligible to receive the full COLA increase. INFORMATION SYSTEMS e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS Baltimore, MD (October 19, 2021) The Board of Trustees of the 1-888-373-7888 233733 More Information on human trafficking in Maryland Customer Service Promise 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. Baltimore, MD (Jan. 13, 2022) - Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. Search the Manual DATA CONTROL Maryland Independent Agencies April 21, 2022 Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect. Copyright 2023 Washington State Department of Retirement Systems, Make time this month for a retirement checkup, Annual Comprehensive Financial Report (ACFR), Participating Employer Financial Information (PEFI). PUBLIC EQUITY the 2021 Legislative Session in response to the COVID-19 on their current allowance, allowing COLAs to compound over time. A payee must be retired for at least twelve months before they are eligible for their first COLA. Other caps may apply. e-mail: kreott@sra.state.md.us Maryland Departments Payees may be eligible to receive COLAson their retirement e-mail: drongione@sra.state.md.us, FINANCE DIVISION Gregory Ricci, Managing Director (410) 625-5631 of those systems receive a salary increase. Vincent S. Johnson, Director (410) 625-5554 Direct deposits occur on the first business day of each month: January 1, 2023 Tuesday, January 3rd, February 1, 2023 Wednesday, February 1st, March 1, 2023 Wednesday, March 1st, April 1, 2023 Monday, April 3rd, May 1, 2023 Monday, May 1st, June 1, 2023 Thursday, June 1st, July 1, 2023 Monday, July 3rd, August 1, 2023 Tuesday, August 1st, September 1, 2023 Friday, September 1st, October 1, 2023 Monday, October 2nd, November 1, 2023 Wednesday, November 1st, December 1, 2023 Friday, December 1st.