The 2005 legislature passed SB 584, which included funds in the 2006 fiscal year budget to provide members of the State Employees Modified Pension System a dollar-for-dollar match for up to $400 of their contributions to any of the eligible plans in the Tax Deferred Supplemental Retirement (SRA) Program available at Towson University.
To be eligible for the match program, an employee must be enrolled in the State Employees Modified Pension System and also be actively contributing to any of the following SRA plans available at Towson: AIG Valic?s 403(b) or 457(b); MD State Supplemental Retirement- Nationwide?s 401(k), 403(b) or 457(b); or TIAA-CREF?s 403(b) or 457(b). At the present time, Fidelity Investments? 457(b) plan is not eligible to receive the match.
As a Nonexempt or Exempt Staff employee enrolled in the State Employees Modified Pension System (shown on right of your paycheck/stub as ?St Emp Pen-Mod?), if you are enrolled in any of the SRA plans listed above, you are eligible for the match program. Based on the amount of compensation you elect to defer into one of the participating plans, the State will provide a dollar-for-dollar match, up to a maximum of $400, on a fiscal-year basis into the Match 401(a) account.
The first match contribution for fiscal year 2006 will be made in the July 13, 2005 paycheck for the pay period ending July 5, 2005. Enrollment in any of the match eligible SRA plans can be done at any time and the match contribution would then begin based on the effective date of that SRA enrollment.
Questions or concerns should be directed to Dave Curtis, x4-6018 or {dcurtis@towson.edu}, or Gail Price, x4-6017 or {gprice@towson.edu}, in the TU Benefits Unit.
