Retirement
Saving for retirement is important because it allows you to maintain your financial independence and quality of life after you stop working. Social Security benefits are not enough to live comfortably for most people. By saving for retirement, you can ensure that you have the money you need to cover your expenses and enjoy your retirement years.
New Hires
It is important that you select a retirement program by your first day of employment. If you do not make a retirement selection by your first day of employment you will be defaulted to either the Employees’ or Teachers’ Reformed Pension System. Once enrolled in a retirement program, you may not change it at any point in your service with the State of Maryland.
Supplemental Retirement Accounts
Supplemental retirement accounts allow you to save more for retirement with the added benefit of reducing current taxable income. All employees (contractual and regular) are eligible to participate in any of the Supplemental Retirement Accounts (SRA) available through the University of Maryland. Participation is voluntary.
Planning to Retire
Retirement is a life milestone. If you are thinking about retiring in the next 12 months, schedule a consultation with your Benefits Counselor and register for a pre-retirement webinar.