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
Learn more about the Maryland State Retirement and Pension Systemnew window
ELIGIBILITY
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.
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College Code:
403(b) - 2570802020
457(b) - 2570805020
Contact: Ryan Pollard | (804) 897-5042
Empowering people to live better lives.
Equitable Preparing for a Comfortable Retirement - 403b Plan (PDF, )
Equitable How a 403b Plan Works with Your Pension (PDF, )
Equi Vest 201 Investment Options Fact Card (PDF, )
Contact: Mark S. Purisch | (202) 812-7904
Contact: Joe Lazzari | (301) 741-5858
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TIAA Maryland New Hire Flyer (PDF, )
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Enroll
College Code:
403(b) - 100155
457(b) - 100156
Contact: Telephone Counseling Center (800) 842-2776
Voya helps you plan, invest, and protect your savings to and through retirement.
Voya Contribution Limits for 403(b) (PDF, )
Voya Contribution Limits for 457(b) (PDF, )
Voya Montgomery College Enrollment Flyer (PDF, )
Voya Montgomery College Supplemental Retirement Plan Presentationnew window
Voya Special Report: The Cost of Waiting (PDF, )
Voya Top 10 Reasons to Save for Retirement (PDF, )
Enroll
Plan Number:
403(b) - VT4932
457(b) - VFK112
Verification: 086856 | Contact: Larry Weber, CFS | 301-998-6585
Verification: 122855 | Contact: Mohammad "Mo" Amernew window | 240-500-5000
The Internal Revenue Service limits your annual 2024 SRA contribution to $23,000 (or $30,500 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.