Defined Contribution Retirement Plan Types

The Maryland Supplemental Retirement Plans (MSRP) are provided to state employees by the State of Maryland as an employee benefit available for voluntary participation. The plans include:

  • 457(b) Deferred Compensation Plan, including an optional after-tax Roth 457 option
  • 403(b) Tax Deferred Annuity Plan for employees in educational institutions
  • 401(k) Savings and Investment Plan, including an optional after-tax Roth 401k option

See the plan comparison chart (PDF) for greater details.

View the chart using Adobe® Acrobat® Reader.

Pre-tax and after-tax

These plans offer the opportunity to save for retirement through payroll deduction of pre-tax dollars. In exchange, withdrawals are taxed as ordinary income. Some employers have added a Roth contribution option, allowing workers to save after-tax dollars in exchange for getting tax-free income in retirement.

Keep in mind that investing involves market risk, including possible loss of principal. As you get started in the plan, we’ll help you understand market risk and strategies that may help you deal with it.

Other plans

MSRP provides a 401(a) Match Plan to eligible employees’ contributions to the 457b, 401k and 403b retirement plans. For every dollar you contribute, the State will contribute a dollar on your behalf up to a $600 maximum. At the beginning of each fiscal year, the match starts over.

To be eligible, you must be a full-time or part-time State employee and a member of the State Employees’ Alternate Contributory Pension Plan. Once you’re enrolled in the MSRP Plans, the match will automatically begin. To get the full $600 match, you need to contribute at least $600 per fiscal year.

The amount of the match may change from year to year or be suspended through legislative action. (The 401a Match Plan is suspended for the fiscal year ending 6/30/2012).

Get the help you need

Talk with one of our Team MSRP Retirement Specialists about what plan type(s) would be right for you. Remember that Team MSRP does not offer investment, tax or legal advice. Consult your own counsel before making decisions about MSRP participation.

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