About us
We offer a variety of retirement plans for employees like you to put aside money from each paycheck toward retirement. These plans can help bridge the gap between what you have in your pension and Social Security, and how much youāll need in retirement. The available plans include:
- 457(b) Deferred Compensation Plan ā tax-deferred, available to all State of Maryland employees, and also includes an after-tax Roth 457 option
- 401(k) Savings and Investment Plan ā tax-deferred, available to all State of Maryland workers, and also includes an after-tax Roth 401(k) option
- 403(b) Tax Deferred Annuity Plan ā tax-deferred, and available to employees of Maryland State educational institutions
- 401(a) Match Plan ā available to qualified State of Maryland employees
For more information, view our Plan Comparison Chart.
What does tax-deffered mean?
Basically, you donāt pay income taxes on your plan contributions or earnings until you retire and/or begin to take payments from your account. This may lower your taxable income currently.
What does after-tax mean?
Unlike tax-deferred contributions, after-tax contributions are taxed before they are invested in your plan. Then the withdrawals that you take in retirement are tax-free, as long as certain conditions are met.
Can I combine retirement accounts?
Team MSRP Retirement Specialists will work with you to combine or consolidate your other eligible retirement accounts into your MRSP account. This may make managing your retirement investments a little easier.
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59 ½. Neither Nationwide nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.
How much can I contribute to my plan?
Check out the current contribution limits.
MSRP
Provides information about MSRP, educational programs, investment options booklets, mutual fund prospectuses and other general information.
1-800-543-5605 or 1-410-767-8740
http://msrp.maryland.gov
info.msrp@maryland.gov
Maryland State Retirement and Pension System
Provides valuable program and contact information on the Maryland State Retirement and Pension System.
1-800-492-5909 or 1-410-625-5555
http://sra.maryland.gov
State Employee Benefits Office
Provides info about Health Insurance and other benefits, as well as Information about jobs, State holidays and emergency closings.
1-800-705-3493
http://dbm.maryland.gov/employees
Central Payroll Bureau
Select "State Payroll Services" for information about the Payroll Online Service Center which has information about direct deposit, withholding tables, net pay calculator, other reports and schedules.
1-888-674-0019 or 1-410-260-7401
http://comptroller.marylandtaxes.com
cpb@comp.state.md.us