Will Maryland state retirees get a raise in 2021?
A retiree who has been retired at least one year as of July 1, 2020 qualifies for this year's COLA. Those who retired after July 2019 (August 2019 or later) will receive their first COLA increase in July 2021. The COLA does not apply to retired Maryland legislators, judges or governors.
When can a Maryland state employee retire?
Five years of full time ORP service is required for retirement. There is no set retirement age. However, the employee may be subject to an IRS tax penalty for eligible periodic distributions (i.e. periodic payments or annuities) received before the age of 55.
How do I retire in Maryland?
Maryland State Retirement and Pension System
- Full vesting after 10 years of service.
- Retirement eligibility at age 65 with at least 10 years of service, or age 60 with at least 15 years of service at a reduced benefit.
- Receive service credit for unused sick leave (visit the MSRPS website for more information)
What type of plan is the Maryland State retirement System?