From Valerie A. Thomas, Associate VP for Human Resources
The Maryland State Retirement Agency (MSRA) has issued finalized updates related to pension plan reform. The Pension Plan Reforms chart may be reviewed on the Human Resources (HR) website at http://www.umbc.edu/hr/Benefits/index.html#Retirement. The chart reflects a general summary of the legislative changes and do not address every situation. The changes will be implemented effective July 1, 2011. The HR Department will make the necessary updates in the system to reflect the new pension requirements. Therefore, no action is required on the part of employees. In addition, these pension reforms do not affect members of the old Teachers and Employees Retirement Systems, or members of the Bifurcated Pension System.
A full outline of the legislative updates is available on the MSRA website at http://www.sra.state.md.us/. Feel free to contact Rochelle Sanders at ext. 5-3842 with questions regarding the pension plan changes.