Retirement Plan Overview

Mandatory Retirement Plans

The election of a mandatory retirement plan — either the pension plan (managed by the Maryland State Retirement and Pension System) or the Optional Retirement Plan (ORP) — is a condition of employment for regular employees. The plan options are based on the employee's job classification. Nonexempt employees must participate in the pension plan. Regular faculty and exempt staff employees may enroll in the pension plan or ORP retirement plan by the first day of work. The pension plan is a defined benefits plan, and the ORP is a defined contribution plan. Employees retiring from the pension plan or ORP retirement plans may be eligible for retiree health care benefits, provided they receive periodic retirement benefits from the pension plan or the ORP. Service requirements for retiree health care vary by plan and date of hire.

Supplemental Retirement Plans

Supplemental Retirement Accounts (SRAs) are plans employees can enroll in at any time to save additional monies toward retirement and possibly save on taxes today. Although some of the vendors may also offer ORP plans, the SRA accounts are separate and not combined.