The State Retirement and Pension System (SRPS) administers death, disability and retirement benefits on behalf of more than 420,000 members. These include active and former State employees, teachers, State police, judges, law enforcement.
To administer the survivor, disability, and retirement benefits of the System’s participants, and to ensure that sufficient assets are available to fund the benefits when due.
A state that provides a fully-funded retirement system that is affordable to all participating employers and provides guaranteed adequate disability, survivor, and retirement benefits.
SRPS is defined by multiple employers, with over 150 local governmental agencies voluntarily participating. Our primary sponsor is the State of Maryland.
The System provides important coverage both during a member’s working career and after they retire. Key benefits and services include the following:
- Survivor protection if a member dies before retirement;
- Disability coverage in the event that a member is unable to continue working due to a disabling injury or illness;
- A basic monthly retirement allowance based on the member’s age, service, and salary upon retirement;
- Options for payment of a continuing allowance to the member’s survivor; and
- Annual cost-of-living adjustments.
A 15-member Board of Trustees manages the System. The Board has the following high-level functions:
- Direct the management of a multi-billion dollar investment portfolio;
- Adopt the actuarial assumptions necessary to properly fund the System;
- Approval of qualified disability retirements; and
- Adopt rules, regulations, policies, and procedures necessary to administer the various plans.
The State Retirement Agency helps carry out the Board’s responsibilities in the following ways:
- Collecting contributions;
- Supervising management of the investment portfolio;
- Providing member counseling; and
- Administering the death, disability and retirement benefits for the 12 separate retirement plans provided by law.