Saving for Retirement
Montgomery College offers its employees a range of options to save money for retirement. There are three retirement plans; one is only available to certain employees hired before January 1, 1980. All employees who are eligible for benefits, must participate in one of the retirement plans. In addition to the retirement plans, the College offers supplemental retirement annuities that allow you to save more toward your retirement.
First let's look at the current retirement options, then we'll move on to the supplemental plan.
Primary Retirement Plans
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ELIGIBILITY
- Full-time Faculty, Administrators, or Paraprofessional Staff
- Support or Technical Staff
- Part-time Faculty and Temporary Staff
Upon employment, you must choose between:
- Maryland State Pension System Plan or
- Optional Retirement Plan (ORP)
If you were hired before January 1,1980, you may have elected to participate in the Maryland State Retirement Plan. You can still participate in that plan under certain conditions.
In addition to the retirement plans above, you can save more with a Supplemental Retirement Annuity (SRA).
Upon employment, you must choose between:
- Maryland State Pension System Plan or
- Optional Retirement Plan (ORP)
In addition to the retirement plans above, you can save more with a Supplemental Retirement Annuity (SRA).
Supplemental Retirement ANNUITIES
In addition to the retirement plans above, you can save more with a Supplemental Retirement Annuity (SRA).
This program lets you reduce your taxable income and save for retirement. Each plan provides a variety of fixed and variable accounts in which to invest your funds and allows you to make changes in the amount you contribute at any time. Invest with one of the SRA providers.
Voya helps you plan, invest, and protect your savings to and through retirement.
Plan Number:
403b -- VT4932
457b -- VFK112
Verification:
086856
Contact: Larry Weber, CFS | 301-998-6585
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College Code:
403(b) -2570802020
457(b)- 2570805020
Contact: Ryan Pollard | (804) 897-5042
The Internal Revenue Service limits your annual 2023 SRA contribution to $22,500 (or $30,000 if you are over 50 or will turn 50 this year) to both a 403(b) and a 457 (b) annually.
To open a new account, first set up the account with the vendor you select. Then set up your contribution amount in Workday.