The system of retirement pension in Maryland is one of the major components of the state retirement system in the US. The retirement pension is supervised by the Maryland State Retirement and Pension System. The retirement system mostly caters to the retirement benefits of the public sector employees.
The system of retirement pension in Maryland covers the disability, death and other retirement benefits of around 350,000 employees. The benefits cover active and former State employees, State House DomeState police, judges, law enforcement officers, teachers, correctional officers and legislators.
Maryland is known for offering the multi-employer defined benefit system. Around 100 local governmental agencies which are eligible can take part in the system on a voluntary basis. The State Retirement and Pension System also provide benefits both to the active employees and also retirees.
The retirement pension in Maryland also offers survivor benefits to the members. Those who are covered under the plans are entitled to the various benefits. After their death, the survivors of the nominees get the benefits.
The Maryland pension agency offers health care benefits to the members. The State Employees of Maryland and also the employees of public school, public library, community college or any other local or government agency are covered under the plan.
The Maryland State Retirement and Pension System also provide a number of job openings for the retirees and older adults. The job employees are an initiative by the agency to make the retirees and older adults financially stable even in the post retirement period.
Some of the other benefits that are provided under the retirement pension in Maryland. Some of the benefits comprise:
The pension system is managed by a Board of Trustees. They take important decisions regarding the workings and fund allocations of the system. Changes in the policies are also made by the board.
Basic retirement allowance which is paid on a monthly basis. It is based on the age, service, salary and other factors of the retiree.
- Survivor protection of the member dies before retirement
- Disability benefits coverage if a member is not able to continue working due to disability
- Cost o living adjustments on an annual basis