Supplemental Retirement Accounts

Temporary Procedures for Submitting Supplemental Retirement Account (SRA) Forms

Employees wishing to make changes or enroll in a Supplemental Retirement Accounts (SRA) should complete appropriate form, and sign (electronically) and email it to HRBenefits@umaryland.edu

The Benefits team will complete the Benefits Administrator portion (electronic signature) and send a secure email  to Central Payroll for processing.

Here are some tips for completing the forms:

  1. For employees currently contributing, Use the Payroll Online Service Center (POSC)to verify the SRA company and deduction amount.  Employees enrolling for the first time can skip to step 2.
  2. Complete an SRA form found below on this page 

Please note, due to emergency events the form may take a few pay cycles before you see the deduction change.  Deduction changes can be monitored in POSC. This is a temporary procedure during the COVID-19 related events, we will notify you when our regular process will resume.

In addition to the pension and ORP retirement plans, all employees including faculty, exempt and nonexempt staff, contractual contingent category I and II employees, postdoctoral fellows, residents, and graduate assistants may enroll in a supplemental retirement plan at any time. UMB offers 401(k), 403(b), 457(b) and Roth plans. The vendors are Fidelity, TIAA, and Nationwide.

Contribution limits are determined by the IRS. The 2020 IRS contribution limits are:

  • $19,500 for a 401(k) or a 403(b) plan.
  • An additional $19,500 may be contributed to a 457(b) plan.
  • If the employee is 50 or older, they may be able to contribute an additional $6,500 to the plans. Contact the vendor for additional details and IRS restrictions.

Financial Counseling Sessions Schedule

Supplemental Retirement Comparison Chart

2020 Supplemental Retirement Changes

Enhancements to the USM Supplemental Retirement Plans are effective on February 18, 2020

 

Supplemental Retirement Account Change Forms

Please submit ORIGINAL forms to the HR Benefits office before the deadlines outlined on this chart.

SRA Processing Deadlines 2020