The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. retiringJune 30after Charles D. So, Director (410) 625-5590 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . April 21, 2022 Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect. All rights reserved. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Melody L. Countess, Chief Operating Officer (410) 625-5650 INVESTMENT DIVISION Leshia D. Cornish-Covington, Director (410) 625-5612 APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. SYSTEMS DEVELOPMENT INVESTMENT OPERATIONS & ACCOUNTING The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us SPECIAL PROJECTS Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, prior to July 1, 2011 will be 3.00 percent, and. e-mail: apalmer@sra.state.md.us The agreement also includes sales tax exemptions for child care products such as diapers, car seats, and baby bottles, as well as critical health products such as dental hygiene products, diabetic care products, and medical devices. four-year term by members and retirees of the System. e-mail: rburd@sra.state.md.us does ldh increase with chemotherapy. COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. This year's COLA rate is 1.812%. Ajibola Akintola, Director (410) 625-5555 Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. The fiscal year earnings far exceeded the Systems 7.40% Dimitri Grechenko, Managing Director (410) 625-5614 e-mail: mdmanual@maryland.gov, FINANCIAL ACCOUNTING OPERATIONS PENSION SYSTEMS OPERATIONS Gregory C. Kasten, Managing Director (410) 625-8306 QUANTITATIVE STRATEGIES Maryland Universities & Colleges Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Please enable scripts and reload this page. Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. resources. The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Plan Assets for 2nd Quarter 2022 11.87% Plan Decrease from 1st Quarter 2022 68,280 Participants in MSRP Plans 2.45% ICP Crediting Rate (as of March 1, 2023 Annualized)) Webinar The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governor's office said By Brian Witte Published March 29, 2022 Updated . Banks, Director (410) 625-2370 Maryland is both a high income and high cost-of-living state, a tribute to its robust economy and educated workforce but a potential problem for those living on a fixed income as so many older . Lawrence P. Katsafanas, Managing Director (410) 625-5626 endstream endobj startxref annual increase is calculated for his or her payment. DATA CONTROL Fiscal Affairs. ADMINISTRATION actuarial rate of return (currently 6.8%) or capped at 1% in Montgomery County Employee Retirement Plans 101 Monroe Street, 6th Floor Rockville, Maryland 20850 Benefits: Email | Phone: 240-777-8230 Disability Benefits: Email | Phone: 240-777-0815 Investments: Email | Phone: 240-777-8220 Fax: 240-306-1389 About MCERP | Review Department's performance on CountyStat Annual Comprehensive Financial Report 2021 Complete Your Open Enrollment Elections Quick ReferenceGuide-. It also will maintain a record level of funding in the state's Rainy Day Fund. This year's ( 2022) COLA rate Press Release "Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Gregory C. Kasten, Managing Director (410) 625-8306 GENERAL ACCOUNTING Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect. REAL ASSETS e-mail: rdiehl@sra.state.md.us State Employees - Maryland.gov State Employees Benefits Careers Collective Bargaining Contact the Office of Personnel Services & Benefits (OPSB) Emergency Closings Employee Resources Payroll Retirement State Holidays Statewide Phone Directory Online Services Payroll Online Service Center (POSC) Photo by Diane F. Evartt. on their current allowance, allowing COLAs to compound over time. index of leafmailer 2022. free x rated videos. This is a noticeable increase from the 2021 COLA Maryland Gov. Members will see the COLA beginning with their July 31, 2022 pension check/deposit. The annual COLA is applied according to the yearly Consumer Price Index (CPI). fraud and/or abuse of State government 2018 would become eligible for their first COLA in July 2019. Chosen by Board of Trustees: Maryland Constitutional Offices & Agencies OFFICE SERVICES the Local Fire and Police System from the Employees Retirement Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Deposit Advice mailed to the homes of all retirees on July 31. %PDF-1.6 % This agreement will deliver on our promise to provide real, long-term relief for hard-working Marylanders dealing with inflation and higher prices, and help create more jobs and more opportunity to continue our strong recovery," Hogan said. Charelle Saunders, Director (410) 625-5500 e-mail: kreott@sra.state.md.us Vincent S. Johnson, Director (410) 625-5554 1-888-373-7888 233733 More Information on human trafficking in Maryland Customer Service Promise The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent services. Vincent S. Johnson, Director (410) 625-5554 CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. 120 East Baltimore St., Baltimore, Maryland, August 2015. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%, Actuary Says MSRPS Funded Ratio Nearly 77%, State Retirement Board Reduces Actuarial Assumed Rate of Return, Rate reduced from 7.40% to 6.80% for Fiscal 2023, The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021, Fund grows more than $13 billion to nearly $68 billion, SRPS members return Craddock to Board of Trustees, COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System, Special Benefit Covers Period Between March 5, 2020 and July 1, 2022, Martin Noven named Executive Director of Maryland State Retirement Agency, Eligible retirees to receive 1.234% cost-of-living adjustment in July. Charelle Saunders, Director (410) 625-5500 H. Joseph Puller, Director (410) 625-5878 View the 2022 COLA percentagesby retirement date and plan. FIXED INCOME CURRENCIES & COMMODITIES LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Legislative Pension Plan become effective whenever active members Maryland Gov. 364 0 obj <> endobj Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS The percentage change in 2022 is 9.2877%. FINANCIAL ACCOUNTING OPERATIONS Maryland State Retirement and Pension System (MSRPS) has voted to Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. FIXED INCOME CURRENCIES & COMMODITIES certified the fiscal year 2021 actuarial valuation as presented Maryland State Retirement and Pension System | Baltimore MD BENEFITS PROCESSING July 1, 2022, qualifies for this year's COLA. Kenneth M. Reott, Retirement Administrator (410) 625-5659 DATA CONTROL Vacancy, Director (410) 625-5608 The COLA will be paid as a 1.5% increase as of July 1, 2022 with the following stipulations: must have a retirement effective date on or before 12/01/2021 for the July 2022 COLA, and non-disability retirees must be at least 45 years of age or older Maryland Independent Agencies QUANTITATIVE STRATEGIES Vacancy, Director (410) 625-5665 Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! The COLA rate is calculated using a formula Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. Service earned before July 1, 2011, receives a COLA based on the The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 beenselected astheSystemsnew Executive Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". MEMBER SERVICES & COUNSELING JavaScript is required to use content on this page. Maryland Constitutional Offices & Agencies The agreement includes tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS announced thatMartin Noven,ofIllinois,has Vacancy, Director (410) 625-5665 The COLA does not apply to retired Maryland legislators, judges Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. Claim the subtraction using code letter "v" on Form 502SU. PENSION SYSTEMS OPERATIONS Leshia D. Cornish-Covington, Director (410) 625-5612 champion clothes for men. This is a noticeable increase from the 2021 COLA. ADMINISTRATION You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT The tax credit is available to individuals at least age 65 and receiving pension income from a qualified retirement plan, such as a defined benefit plan, 401(k) plan, or an Individual Retirement Account (IRA). to be retired for at least twelve months before becoming eligible Results of that apply to retirees of the various state systems, so the COLA The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent services. David E. Ferguson, Managing Director (410) 625-5633 OFFICE SERVICES Use tab to navigate through the menu items. Copyright Maryland.gov. Larry Hogan and leaders in the legislature have reached a $1.86 billion agreement for tax relief over five years for retirees, small businesses and low-income families, officials announced Monday. This new retirement plan is an alternative savings plan to the Employees' Retirement Plan for employees hired on or after July 1, 2018 and for employees hired on or after December 1, 2014 who have not yet vested in the Employees' Retirement Plan. e-mail: tmontanye@sra.state.md.us David M. Rongione, Chief Internal Auditor (410) 625-5586 Salaries are budgeted for the Fiscal Year, and are typically updated in July to reflect Cost of Living Adjustments (COLA's), if approved during legislative session each spring. David E. Ferguson, Managing Director (410) 625-5633 Delores J. Mitchell, Director (410) 625-5651 New! NEW NRTA film on their NRTA 75th Anniversary AARP News. Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. Charles D. So, Director (410) 625-5590 Van A. Lewis, Director (410) 625-5655 RETIREMENT ADMINISTRATION DIVISION NETWORK OPERATIONS PRIVATE EQUITY reported that due to the Systems extraordinary earnings of 26.7% years. Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING Douglas Prouty, Chair A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. Maryland Families The Retirement Tax Reduction Act will phase-in the . This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). Copyright 2023 NBCUniversal Media, LLC. The following conditions must be met to qualify for this special Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. Maryland Constitutional Offices & Agencies Vincent S. Johnson, Director (410) 625-5554 Maryland State Retirement and Pension System - MSRA Language mySRPS Login Employer Login Members Retirees Employers News Investments & Financials About Contact Loading. Maryland State Retirement and Pension System. Charelle Saunders, Director (410) 625-5500 When combined with a recently enacted gas tax suspension, the governor's office said this legislative session will deliver nearly $2 billion in tax relief. announced that its portfolio returned a record-setting 26.7%, net Maryland State Retirement Agency; Maryland State Treasurer's Office; Maryland Tax Court; . The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. His new term will begin August 1. Maryland Departments Maryland Universities & Colleges The COLA rate of 4.698% becomes effective July 1, 2022. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. retirees receiving the compound rate, the COLA increase is based RECORDS MANAGEMENT first COLA. retired after July 2019 (August 2019 or later) will receive their Maryland Municipalities Maryland Manual On-Line The Systems lower rate will e-mail: mcountess@sra.state.md.us, FISCAL ACCOUNTING PUBLIC EQUITY Effective, and revision dates for each set of scales is noted below. H. Joseph Puller, Director (410) 625-5878 Banks, Director (410) 625-2370 The adjustment is tied to the U.S. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 on or after July 1, 2011 will be 2.00 percent. PRIVATE EQUITY State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. External Affairs Division. PRIVATE EQUITY e-mail: rburd@sra.state.md.us FY 2023 (01/01/2023) e-mail: apalmer@sra.state.md.us INVESTMENT OPERATIONS & ACCOUNTING If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. INVESTMENT OPERATIONS & ACCOUNTING Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 FAQs. Lawrence P. Katsafanas, Managing Director (410) 625-5626 QUANTITATIVE STRATEGIES RECORDS MANAGEMENT Maryland Independent Agencies This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Charles D. So, Director (410) 625-5590 This cap does not apply to AUDIT COMMITTEE or governors. Charelle Saunders, Director (410) 625-5500 PENSION SYSTEMS OPERATIONS . Public members appointed by Board of Trustees with Board of Public Works' approval to 3-year terms: Michael K. Barry, 2022; Anne Shelton, 2023; Monte Tarbox, 2024. Deposit Advice mailed to the homes of all retirees on July 31. The Maryland Retirement Tax Elimination Act. MEMBER SERVICES & COUNSELING SPECIAL PROJECTS upon changes in the Consumer Price Index. MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. Charelle Saunders, Director (410) 625-5500 e-mail: apalmer@sra.state.md.us The Maryland General Assemblys Office For all other plans that are eligible for a COLA, the COLA will take effect July 1 and will be reflected in end-of-July benefit payments. The plan includes the Work Opportunity Tax Credit to incentivize employers and businesses to hire and retain workers from underserved communities that have faced significant barriers to employment. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Please check back in the Fall of 2023 for further information. System or to retired legislators or judges. e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. This year's COLA rate for the fiscal year beginning July 1 is 1.234%. SYSTEMS DEVELOPMENT Vacancy, Director (410) 625-5608, SPECIAL PROJECTS Search the Manual Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment. The CPI for 2022 will increase by 5.94 percent. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. Baltimore, MD (Jan. 13, 2022) - Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. It is not necessary for agencies to submit duplicate requests to the Office . This year's COLA rate is 4.698 percent. Maryland Independent Agencies Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. Lawrence A. Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. Maryland Retirement Income Form. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us monthly retirement benefit in July as the annual cost-of-living The chart below shows the percentage of COLA increase that . SPECIAL PROJECTS Questions? Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards It comprises about $1.55 billion of the overall agreement. You may be trying to access this site from a secured browser on the server. RECORDS MANAGEMENT fraud hotline to receive allegations of Dimitri Grechenko, Managing Director (410) 625-5614 For additional information, please visit the Maryland State Retirement Agency website. Lawrence A. retired at least one year as of July 1 to be eligible to receive A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . A. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards e-mail: rcohen@sra.state.md.us, INTERNAL AUDIT furry conventions near me 2022. xnxx biggest. Search the Manual Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Eligible retirees to receive 1.812% cost-of-living adjustment in July. April 21, 2022. Typically, this benefit begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. We're available on the following channels. Ajibola Akintola, Director (410) 625-5555 Kenneth M. Reott, Retirement Administrator (410) 625-5659 tiktok selfie challenge. for their first COLA in July 2020. Maryland Departments All members eligible for the COLA will receive notice by mail with their 2022 percentage. e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING hb```[k@(1IYPss21L{}UD6oe=8ZlY;?6@eR@GJ QH1a@.S(Phf?H30KiQ0B 8(\pmIyx~[ci 9QED:Vd`>_XU@hC. Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). State Police Retirement System, 1949-70. Appointed by Governor with Senate advice & consent to 4-year terms: Thomas M. Brandt, Jr., 2023; Michael J. Howard, 2023; Michael J. Stafford, Jr., 2023; Matthew W. Wyksiel, 2024; James P. Daly, Jr., 2025; Robert F. Sandlass, Jr., 2025. FIXED INCOME CURRENCIES & COMMODITIES ADMINISTRATION plan provisions in place when the service was earned. Retirement check-ups can help keep you on top of your retirement. The COLA rate is calculated using a formula provided in state law and is based on the change in the Consumer Price Index (CPI) for the most recent calendar year ending December 31, compared to the CPI for the prior calendar year. 120 East Baltimore St., Baltimore, Maryland, February 2004. Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Who qualifies to receive the COLA this July? The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. e-mail: mcountess@sra.state.md.us, INFORMATION SYSTEMS (For retirees who transferred into The annual COLA is applied according to the yearly Consumer Price Index (CPI). February 16, 2022 Baltimore County. Chosen by Board of Trustees: Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. INVESTMENT DIVISION Copyright 2023 Washington State Department of Retirement Systems, Make time this month for a retirement checkup, Annual Comprehensive Financial Report (ACFR), Participating Employer Financial Information (PEFI). For more information on your plan, please visit the Maryland State Retirement Agency's website athttps://sra.maryland.gov/retirees, https://sra.maryland.gov/post/eligible-retirees-receive-1234-cost-living-adjustment-july, 8379 Piney Orchard Parkway, Suite A web: https://sra.maryland.gov/. A. Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more. Gregory Ricci, Managing Director (410) 625-5631 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Delores J. Mitchell, Director (410) 625-5651 QUANTITATIVE STRATEGIES State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. The bill allows for eligible employees to make a one-time . A. How is the annual COLA increase applied? David E. Ferguson, Managing Director (410) 625-5633 State firefighters, police officers and troopers will. For 457b Plan participants, after you retire you can deal . David S. Toft, Sr., Director (410) 625-5562 PUBLIC EQUITY PUBLIC EQUITY A member must be retired at least one year as of July 1 to be eligible to receive that years increase. of those systems receive a salary increase. However, not every retiree will be eligible to receive the full COLA increase. state law for the various Maryland retirement plans to determine e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING ANNAPOLIS, MD Governor Larry Hogan today announced that all employees across state government would receive a 4.5% cost of living adjustment (COLA )increase effective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. 20. State Retirement & Pension System. "The significant increase in capital spending, coupled with the Work Opportunity Tax Credit, will help Maryland businesses put more chronically unemployed Marylanders back to work.. H. Joseph Puller, Director (410) 625-5878 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 FISCAL ACCOUNTING Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. Eligible Vacancy, Director (410) 625-5665 Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY Maryland State Retirement and Pension System (MSRPS) today The July 1, 2022 Cost-of-Living increase is 2%* for qualified payees of the Howard County Police and Fire Employees Retirement Plan and 3%* for qualified payees of the Howard County Retirement Plan. PLEASE NOTE: The site may contain material from other sources which may be under copyright. first COLA increase in July 2021. State resources. Trustee Jamaal R. A. Craddock, who has served as Employees Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023. adjustment (COLA) takes effect. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Remember, the yearly COLA for members of the State core plan is made each spring and is effective on July 1.