If you are in the State Pension/Retirement System, your annual Personal Statement of Benefits (PSB) was mailed to your home address in late September. Have you ever wondered How Much Service Credit you’ve earned towards retirement? What day/year will you be eligible to retire? And how much your estimated benefit will be? The answers to these questions are contained in your PSB. The statement provides you with a summary of your retirement account and projections of future benefits.
Update your beneficiaries!
Your current beneficiaries are listed at the bottom of page 2 of your Personal Statement of Benefits.
It is vital to keep beneficiary choices up to date. When a member dies during active membership, survivor benefits are paid to the most-recently designated beneficiary (ies) on file.
To change your beneficiary (ies), go to the Retirement Agency’s website at sra.maryland.gov and obtain Form 4, Designation of Beneficiary. You can submit the completed form to the Retirement Agency or to the Benefits Office – 1101 Chesapeake Building.
Some commonly asked questions pertaining to the Personal Statement of Benefits (PSB):
- Why isn’t an early retirement date listed on my Personal Statement of Benefits?
- The space under Early Service is left blank for employees who reach their regular service retirement age before earning the required years of service for early retirement, if applicable.
- What is my Personal Identification Number (PIN)?
- Your PIN is printed at the bottom of page 1 of your PSB. Generally, this number is a four digit code consisting of the month and year of your enrollment. For example, if you enrolled in September 1998, your PIN would be 0998. You can use your PIN and Social Security number to access your retirement account information via the Retirement Agency’s automated phone system at any time.
- Do I need an estimate of retirement allowance since I have the PSB?
- Yes, the PSB is not intended to serve as a substitute for an official estimate. There are other options for beneficiary coverage described in the estimate that are not included on the PSB.
Last updated: March 16, 2017