Retirement Plan Options
Full-and part-time, position control/budgeted employees are provided with membership in a retirement system at the time they commence employment with the college. At Howard Community College, employees become members of either the Maryland State Retirement and Pension System (MSRPS) or one of the Optional Retirement Programs. The Optional Retirement Programs are available only to professional employees with baccalaureate degrees or higher; eligibility is determined by the Maryland Higher Education Commission (MHEC). All plans are described in pamphlets available in the office of human resources. If employees do not elect a plan, they will automatically be placed into MSRPS. Once you elect NOT to be part of MSRPS, it is an irrevocable step, unless you are later employed by another MSRPS participating agency that does not offer another retirement plan.
Supplemental Retirement Annuities (SRAs)
Employees may increase their retirement savings by enrolling in supplemental retirement annuities; (SRAs) which are tax deferred annuity plans. Howard Community College offers several different plans from which you can choose. Through a properly executed salary reduction agreement, employees divert part of their compensation before taxes to the purchase of the SRAs.
Specific information about these plans is available in the office of human resources.
Retirement Definition and Process
Employees initiate the retirement process through the office of human resources. Employees should try to initiate this process at least six months prior to the planned retirement date if possible in order to avoid any delays in benefits.
Retirement is defined as:
Also see Phased Retirement Procedure 63.04.15 effective 7/1/2002.Effective Date: 11/14/2008