As a result of pension reform legislation passed by the 2011 Maryland General Assembly and signed by the Governor this spring, the following changes will take place effective with the first paycheck of the new fiscal year on July 20, 2011:
? Member contributions for all current members of the Employees? and Teachers? Alternate Contributory Pension System will increase from 5% to 7% of pay.
? Member contributions for all current members of the Law Enforcement Officers Pension System (LEOPS) will increase from 4% to 6% of pay.
Although there were other proposals regarding vesting periods and calculation of average final salary, no changes were made to those areas that would affect current members. Also, 2011 Pension Reform did not affect members of either the Teachers? Retirement System (TRS) or Employees? Retirement System (ERS).
The staff of the Office of Human Resources Benefits Unit will be available on Tuesday, June 28 between 2-4 p.m. in the Administration Building, Room 120 to meet with anyone who would like to get additional information or to discuss the impact of the 2011 Pension Reform changes.
More details concerning 2011 Pension Reform can be found in the spring 2011 issue of the State Retirement Agency?s Mentor newsletter accessible at {http://www.sra.state.md.us/Participants/Members/Downloads/Newsletter/Mentor-2011-Spring.pdf}.
Questions should be directed to Dave Curtis, x46018 email: {dcurtis@towson.edu} or Gail Price, x46017 email: {gprice@towson.edu}.
