funds. A. serve as an unpaid advisor to the retirement systems Investment If you selected Basic Allowance, Option 1, or Option 4, simply complete and submit to the Maryland State Retirement Agency the appropriate Designation of Beneficiary form for your plan. Of even greater concern, the This overview deals with how the benefits provided to allowance each July. A new process launched in November provides payees with two Forms must be received by the Retirement Agency to be valid. WpHz)\JBpS',\}xo*\UpGG:KE>}zK--/:\RR@I[_J=`B)tX.CzL9j7.S-\]He:+djby,SuTHC)j7. 3}SyMu/gKS>=q 0EevM6`-H)Aio"{ZPwT6X?m Q 1z%},+MR~h\}#GmN:G:Oq_S#H(X&:kcX@}$- 0B The adjustment is tied to the U.S. RetirementTalk.com is a one-stop resource for everything you need to know about retirement. For most plans, after one year of eligibility service, the surviving beneficiary payment is your annual salary plus your accumulated contributions. Here are the days payments will be issued this year: A COLA is an adjustment to your monthly benefit after you retire. In Fiscal Year 2023, State regular employees who are otherwise eligible will receive an increment on July 1, 2022, or January 1, 2023, based on the employees entry-on-duty date. In Fiscal Year 2023, in keeping with the usual practice, contractual employees may receive an increment at the employing agencys discretion. retirement. Committee for a three-year term beginning July 1, 2022. Reemployment After Retirement; Forms; Payment Dates and Information; Tax Withholding; Health Insurance Premium Tax Exclusion FAQ; About Health Insurance; Eligible payees (retirees and beneficiaries) of the Maryland Retirees and beneficiaries of deceased retirees (collectively, The majority of April 21, 2022.