- Maryland State Retirement and Pension System (SRPS)
- Optional Retirement Program (ORP)
- Supplemental Retirement Accounts
Regular, Non-Exempt Employees: are enrolled in the Maryland State Retirement Pension System (SRPS) at the time of employment.
Regular, Faculty and Exempt Staff: have the option of enrolling in the SRPS or selecting an Optional Retirement Plan (ORP)*. This is a one-time irrevocable decision.
*For Regular Faculty and Exempt Staff: If you have enrolled in the SRPS or ORP with previous State of Maryland employment, then you will be required to enroll in the same plan as your previous enrollment.
- Plan Comparison Chart (PDF) (Choosing a Retirement Program): compares SRPS and ORP
- State of Maryland Health Benefits Guide (Eligibility by Employee/Retirement Type section): Health Benefits eligibility and subsidy in retirement vary between the SRPS and the ORP account, so we highly encourage those selecting a plan to review the Benefits Guide for further information (found on left side menu of State of MD Health Benefits website).
*Enrollment in SRPS and ORP plans both require an enrollment packet to be completed and submitted to the Human Resources Office by the first day of employment.
Maryland State Retirement and Pension System (SRPS): This is a defined benefit plan managed through the State Retirement Agency. These plans provide 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 (guaranteed a benefit) after completing ten years of eligible service. Other plan features include the conversion of unused sick leave to add 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.
State Retirement Agency Resources:
- Website: www.sra.state.md.us
- Phone: 1-800-492-5909
- mySRPS: a secure website that allows eligible SRA pension plan participants to get information and make transactions related to their retirement account. Click this link to reach mySRPS.
- Seminars, Webinars and Videos: Members have access to resources to prepare for retirement and learn about their benefit through SRPS. On the website home page, click on “Members” to access additional resources.
Optional Retirement Program (ORP): This is a defined contribution plan that provides a benefit based upon the employee's accumulated account balance. Salisbury University contributes the equivalent of a percentage of the employee's salary (currently 7.25 percent), on a fiscal year basis, to the employee's ORP account. These contributions are spread over 20 pay periods beginning with the first pay in the Fall Semester (no contributions are made during the Summer months). Employees are not permitted to contribute or rollover funds into the ORP account. Early retirement and death benefits are based upon the employee's ORP account balances, though a federal penalty tax may apply. Contributions are vested 100% immediately.
For all ORP participants, the retiring employee will need at least 25 years of credible service with the ORP to be eligible for full state subsidy for any dependent coverage under retiree health benefits. Part-time employment applies at a pro-rated amount of credible service credit. (For example, for a 12-month employee, 50% employment for one year is equal to 6 months of service. Periods of no pay receive no credible service credit.) Dependents who have health benefit coverage under an OPR retiree are not eligible for partial subsidy.
For resources, such as available vendors, benefits handbook and performance of the Optional Retirement Program, please visit the SRPS Optional Retirement Program page. Each vendor has plan and investment information available on their website.
Current ORP Vendors:
Supplemental Retirement Accounts (SRA)
Supplemental Retirement Accounts (SRA): These plans enable employees to supplement their retirement income by contributing a portion of their salary before taxes to an investment plan of their choice. Employees can choose from among several investment options within each plan. Contribution maximums are set by the Internal Revenue Service. Employees are responsible for ensuring they do not exceed the allowable contributions for the calendar year. Year-To-Date contributions can be viewed on the official paycheck stub in POSC. If you need a pay advice number to access POSC, please contact the SU Payroll Office (firstname.lastname@example.org).
Vendor Contact Information:
Supplemental Account Deduction Authorization Forms
- 403(b) Pre-Tax SRA - Deduction Authorization Form - FIDELITY (PDF)
- 403(b) Roth After-Tax SRA - Deduction Authorization Form - FIDELITY (PDF)
- 457(b) Pre-Tax SRA - Deduction Authorization Form - FIDELITY (PDF)
- 403(b) Pre-Tax SRA - Deduction Authorization Form - TIAA (PDF)
- 403(b) Roth After-Tax SRA - Deduction Authorization Form - TIAA (PDF)
- 457(b) Pre-Tax SRA - Deduction Authorization Form - TIAA (PDF)
- Nationwide (MSRP) offers 403(b), 401(k) and 457(b) pre-tax accounts and 401(k) and 457(b) after-tax accounts
- For all MSRP account types download the MSRP Participation Agreement for Pre-Tax and Roth Retirement Savings Accounts (PDF)
- Or enroll online