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All regular, nonexempt employees are enrolled in the Maryland State Retirement Pension System (MSRPS) at the time of employment. All regular exempt employees (faculty and unclassified administrators) have the option of enrolling in the MSRPS or selecting an Optional Retirement Plan (ORP). ORP carriers currently include: TIAA/CREF and Fidelity Investments. Packets containing descriptions of each plan and the appropriate enrollment paperwork are available in the Human Resources Office. All exempt employees are encouraged to review the hand-out Choosing a Retirement Program before selecting a retirement plan.
Maryland State Retirement Pension System (MSRPS): This is a defined benefit plan that provides a benefit based upon the employee's age, salary and years of service. The plan requires an employee contribution that is non-taxable for federal tax purposes. The plan provides early retirement, disability and survivor benefits, as applicable. New employees are vested, or guaranteed a benefit, after completing ten years of eligible service. Other plan features include the conversion of unused sick leave to additional creditable service at the time of retirement, subsidized health insurance benefits for those who have completed 25 years of service, and cost of living adjustments during retirement when applicable. http://www.sra.state.md.us
The Maryland State Retirement Agency announced the release of a new informative video about Maryland's public pension benefit plans Press Release. The video addresses three key themes, Pensions Work, Pension Policies Have Long-Term Impact & Pensions Support Our Local Economy. Each is addressed in its own discrete segment of the video and can be viewed separately through the State Retirement Agency's YouTube channel. "Retirement Security Benefits Everyone"
Optional Retirement Plans (ORP): These are defined contribution plans that provide a benefit based upon the employee's accumulated account balance. The State contributes the equivalent of a certain percentage of the employee's salary (currently 7.25 percent) each year to the employee's ORP account. These contributions are spread over 20 pay periods. There are no employee contributions to these plans. Early retirement and death benefits are based upon the employee's ORP account balances, though a federal penalty tax may apply. Employees are always fully vested in their total account balance. Employees who were hired prior to July 1, 2011, and retire with 16 or more years of service are eligible for fully subsidized health insurance benefits (25 years of service is required for this benefit to include spouse/dependent children). For those hired on or after July 1, 2011, fully subsidized health benefits are available upon retirement to the employee and their eligible dependents after 25 years of service.
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.: Equal Opportunity Statement :.
Salisbury University has a strong institutional commitment to diversity and equal employment and educational opportunities for its faculty, staff and students. To that end, the University prohibits discrimination on the basis of sex, gender, marital status, pregnancy, race, color, ethnicity, national origin, age, disability, genetic information, religion, sexual orientation, gender identity or expression, veteran status, or other legally protected characteristics. The University adheres to the EEO/AA policies set forth by federal and Maryland laws. Direct all inquiries regarding the nondiscrimination policy to: Humberto Aristizabal, Associate Vice President of Institutional Equity, Title IX Coordinator, Room 100 Holloway Hall, 1101 Camden Ave. Salisbury, MD 21801; Tel. 410-543-6426.