Maryland State Retirement Personal Statement Of Benefits

Date:

I Want To Use Mysrps What Should I Do

Understanding Your Personal Statement of Benefits (PSB)

We appreciate your patience as we roll out mySRPS to all 400,000 plan participants.

  • Did you already receive a packet from us? If so, you need to register and set up an account. Please read the personalized registration letter and follow the instructions in the Quick Guide. You can contact us if something isnt clear.
  • Just need a new copy of the Quick Guide? Click on the one thats right for you:

Still waiting for your packet?

  • Active Members:
  • Are you a new hire? If so, you can expect a packet about 6 weeks after you get your first paycheck. If that doesnt happen, contact us at 800-492-5909
  • Not a new hire? Contact us at 800-492-5909.
  • Retirees, Beneficiaries, and Alternate Payees: You will receive a packet at your home . Were sending them out in retirement order, starting with our most recent retirees.
  • Retirement Preplanning And Application Forms

    Retirement Preplanning Forms

    Thinking of retiring? Click on your core plan membership to access forms you may need as you are planning for your retirement.

    Retirement Application Forms

    Ready to retire? Click on your core plan membership to access the required retirement application forms. Be sure to submit your application forms at least 30 days prior to your expected retirement date.

    When Can I Use Mysrps

    We started rolling out mySRPS back in February. We had to put everything on hold in March because of the Coronavirus. We restarted in June, but slowly.

    Heres whats happening as of . Things can change, so please watch this space for updates.

    We have now sent packets to all Active Members in our system. We are continuing to send packets to our Retirees and other payees.

    Still waiting for your packet?

    • Active Members:
    • Are you a new hire? If so, you can expect a packet about 6 weeks after you get your first paycheck. If that doesnt happen, contact us at 800-492-5909
    • Not a new hire? Contact us at 800-492-5909.
  • Retirees, Beneficiaries, and Alternate Payees: You will receive a packet at your home . Were sending them out in retirement order, starting with our most recent retirees.
  • Thank you for your patience as we get packets out to all 400,000 of our participants! Do you have questions right now? You can contact us at .

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    Other Methods Of Payment

    In place of the lump sum survivor benefits, a monthly lifetime benefit often referred to as the Spouse Law Benefit can be paid to the surviving spouse if the following conditions are met:

  • The member must have named his/her spouse as the sole primary beneficiary and
  • The member must have either been eligible to retire, been at least age 55 with 15 years of eligibility service, or had at least 25 years of eligibility service at the time of death
  • If the spouse is not named by the member then under most plans the spouse is not eligible for benefits.

    If a member names the spouse and his children as primary beneficiaries, the lump sum benefit will be split equally among them. In this instance, the spouse will not be eligible for the Spouse Law Benefit because the spouse is not the sole primary beneficiary. However, if all the primary beneficiaries other than the spouse waive their right to a benefit, then the spouse would be eligible to choose the monthly lifetime benefit.

    The spouse may also be eligible for lifetime health insurance coverage if they receive a monthly retirement benefit under the Plan as the result of the death of the member.

    Whether it is the best decision for you or your family for beneficiaries other than the spouse to waive their right to benefits is a decision that should be discussed with your tax or legal advisors.

    How Do I Request An Award Letter

    New SBCERS Retirement Benefit Statement

    To request an award letter of their benefit, retirees must contact the Retirement Agency by phone or by written request with their signature.

    To request an award letter by phone, dial 410-625-5555 or toll-free 1-800- 492-5909. After selecting 1 for retiree, a pre-recorded message will play with the latest news from the Maryland State Retirement Agency. You then may select 0 to request an award letter from a retirement specialist.

    The Retirement Agency can only send an award letter to the address on file.

    Retirees can change their address either by completing a Change of Address form 77 or by sending a written request with their signature. Addresses may not be updated via phone.

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    Your Current Beneficiaries Are Listed At The Bottom Of Page 2 Of Your Personal Statement Of Benefits

    It is vital to keep beneficiary choices up to date. When a member dies during active membership, survivor benefits are paid to the most-recently designated beneficiary on file.

    To change your beneficiary , go to the Retirement Agencys website at sra.maryland.gov and obtain Form 4, Designation of Beneficiary. You can submit the completed form to the Retirement Agency or to the Benefits Office 1101 Chesapeake Building.

    Some commonly asked questions pertaining to the Personal Statement of Benefits :

  • Why isnt an early retirement date listed on my Personal Statement of Benefits?
  • The space under Early Service is left blank for employees who reach their regular service retirement age before earning the required years of service for early retirement, if applicable.
  • What is my Personal Identification Number ?
  • Your PIN is printed at the bottom of page 1 of your PSB. Generally, this number is a four digit code consisting of the month and year of your enrollment. For example, if you enrolled in September 1998, your PIN would be 0998. You can use your PIN and Social Security number to access your retirement account information via the Retirement Agencys automated phone system at any time.
  • Do I need an estimate of retirement allowance since I have the PSB?
  • Yes, the PSB is not intended to serve as a substitute for an official estimate. There are other options for beneficiary coverage described in the estimate that are not included on the PSB.
    • About UHR

    /457 Retirement Savings Plans

    FCPS also offers Retirement Savings Plans in addition to the MD State Retirement Pension. FCPS Retirement Savings Plans are to encourage eligible employees to voluntarily set aside a portion of their FCPS pay to enhance their retirement savings or reach other long-term financial goals. Retirement savings programs for employees of public education employers such as 403 and 457 plans are voluntary programs wherein employees can contribute money to their retirement savings via pre-tax or Roth contributions in the form of a payroll deduction, and that money grows tax-deferred until retirement. You can learn more about how to enroll and who to contact for the 403 and 457 Retirement Savings Plans.

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    Your Personal Statement Of Benefits

    If you are in the State Pension/Retirement System, your annual Personal Statement of Benefits was mailed to your home address in late September. Have you ever wondered How Much Service Credit youve earned towards retirement? What day/year will you be eligible to retire? And how much your estimated benefit will be? The answers to these questions are contained in your PSB. The statement provides you with a summary of your retirement account and projections of future benefits.

    Am I Eligible To Use Mysrps

    Unused Sick Leave

    You are eligible if you belong to one of these groups:

    • Active members: currently working and in the plan
    • Retired members: already receiving a benefit from the plan
    • Beneficiaries: inherited a benefit from a member
    • Alternate payees: receiving part of a members benefit
    • Inactive members: no longer in the plan, but eligible for a benefit

    Still not sure?Contact us and well let you know.

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    Fcps Retirement Coordinators And Appointments

    FCPS retirement coordinators can answer questions and assist you with preparing your retirement documents:

    If you have questions about a disability retirement, please contact .

    Retirement appointments are scheduled once per month and announced through Employee News. These small group appointments are usually held in the Central Office Board Room and are generally scheduled on non-student days as to be more convenient for employees to attend. During these appointments, FCPS retirement benefits, Maryland State Retirement Agency forms and FCPS retirement forms are reviewed and discussed. Please email for the next scheduled appointment date.

    If you plan to retire, you should have your completed packet submitted to Human Resources no later than 30 days prior to your retirement date.

    Upcoming Retirement Packet and Submission Meetings:

    How Beneficiaries Are Paid

    Your plan, along with providing retirement security, also provides your beneficiaries with a lump sum payment if you die while an active member or while on an MSRA-approved leave of absence.

    For most plans, after one year of eligibility service, the surviving beneficiary payment is your annual salary plus your accumulated contributions.

    Primary beneficiaries are paid the survivor benefits. If all primary beneficiaries are no longer living, then benefits are paid to the living contingent beneficiaries. If no beneficiaries are living, then benefits are paid to your estate.

    Payment is based on your most current Form 4 on file with us.

    For Information On Your Maryland State Retirement Agency Pension Plan Benefit

    FCPS participates with the Maryland State Retirement Pension system. Eligible active employees are required to contribute 7% of their pay to the pension plan. You will complete an Application for Membership and Beneficiary Form upon hire. These funds are then contributed to your MSRA Pension Plan on your behalf as long as you are working for FCPS. You may update your beneficiary on line by visiting the mySRPS section of the State Retirement Agency website.

    The Maryland State Retirement Agency no longer mails a yearly Personal Statement of Benefits to each employee. You can access your PSB, obtain an Estimate of Benefits, Participant Member Handbook, Forms, Videos and other information on the Maryland State Retirement Agency website or by calling the Member Service Center. Be sure to register for mySRPS to be able to see all of this information online:

    Office Hours are Monday Friday 8:30am 4:30pm EST.

    • Toll-free: 1-800-492-5909
    • Local: 410-625-5555
    • TDD/TTY: 410-625-5535

    When you near your eligibility for retirement, it is recommended that you send a request for estimates, Form 9. By doing this, your account with the MSRA is audited, and you receive individualized pension options.

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    Retirees

    Basic Allowance Option 1 Or Option 4

    If you selected Basic Allowance, Option 1, or Option 4, simply complete and submit to the Maryland State Retirement Agency the appropriate Designation of Beneficiary form for your plan.

    • Employees, Teachers, Correctional Officers, LEOPS, and State Police : Form 4

    If you are receiving a Basic allowance, or an allowance under Option 1 or 4, naming a new beneficiary will not affect your monthly payment amount. Forms must be received by the Retirement Agency to be valid.

    Who Can Retire

    HCPSS staff must have at least 15 years of cumulative service in HCPSS to be eligible for HCPSS Retiree Benefits.

    Staff who are considering retiring may use the to guide you through the planning process.

    Additionally, visit the for more information or call 410-625-5555. For retirement counseling, call 410-625-5555 or 1-800-492-5909. Register for a mySRPS account to review your personal statement of benefits and to get an estimate.

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