Msrp Maryland Teachers And State Employees Supplemental Retirement Plans

The State of Maryland provides the Maryland Teachers & State Employees Supplemental Retirement Plans as an employee benefit. These defined contribution plans are available for voluntary participation. Three plans are offered: the 457(b)Deferred Compensation Plan, the 403(b) Tax Deferred Annuity Plan, and the 401(k) Savings and Investment Plan. All contributions are made through payroll deductions. Except for contributions into the 457(b) Roth Plan and 401(k) Roth Plan, these contributions are made before federal and state income taxes are assessed. The Plans are administered by a nine-member Board of Trustees appointed by the Governor of Maryland to staggered four-year terms. The governor selects three members from any of the following departments, agencies or boards: the Department of Budget and Management, the Department of Education, the Comptroller of the Treasury, the State Treasurer's Office, the Maryland State Retirement and Pension Systems or the Maryland Higher Education Commission.