Retirement
Planning is the absolute most important thing about retirement. Start planning. Now. Today. It's never too early or too late to work on your retirement plan. The sooner you start the more comfortable your retirement years are going to be. We'll start with the basics. Whether you are a new employee or one of our more experienced 20 or 30 year employees, or somewhere in between, there are all sorts of questions that come up when you start thinking about retirement and how to plan for it.
For more information on Retirement Benefits contact Lorna Baker at 410-260-8083.
- Question: What retirement plans are offered by the Maryland state government?
Answer: The Maryland State Retirement Agency offers three different retirement plans to DNR employees. You are eligible for only one of the three. They are:
- The State Employees Contributory Pension System - also referred to as the "new system." Most DNR employees fall under this category.
- The State Employees Retirement System - sometimes referred to as the "old retirement system." Generally, most DNR employees are not eligible for this plan, it has been replaced by the Contributory Pension System.
- The Law Enforcement Officers Pension System - this covers DNR employees in law enforcement positions in the Natural Resource Police and State Forest & Park Service.
- Question: What retirement plans are offered by the federal government?
Answer: The Federal Government provides a Social Security Benefit upon your retirement. Although Social Security was never intended to serve as a complete retirement plan, it provide a basis of funds when one retires to keep them out of poverty. Social Security is an important part of your retirement income and you and your employer have been paying into it since you began working. On your pay stub, it is listed as FICA. You receive an estimated statement annually in the mail.
- Question: Are there other ways to save for retirement?
Answer: In addition to your base social security and your Maryland State Pension, there at least three additional options:
- Supplementary Retirement Plans - previously known as Deferred Compensation. These are absolutely the best thing since sliced bread. One of the most important benefits you get for working in public service is to receive benefits of "pre-taxed savings" for all your contributions. If you do not already participate, you're really missing the boat. Sign up today and if you participate in the State Employees Contributory Pension System, the State has a match plan every dollar you put in up to $600 for FY ‘07. If you are already a participant, it is now more important than ever to maintain or increase your contribution. The Maryland State Supplemental Retirement Plans Website (www.msrp.state.md.us) offers many useful online services.
- Savings Bonds - Yes, Uncle Sam wants you...to invest in the future.
- Savings Accounts - Many different kinds of accounts are available. A good place to start is SECU, the State Employees Credit Union. They have a great website.
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