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 a supplemental retirement annuity that lets you 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
Your role at the College determines which retirement plans are available to you.
If you are:
- Full-time faculty, administrator (full-time or part-time), or paraprofessional staff (full-time or part-time), you may be able to choose:
- Maryland State Pension System Plan or
- Optional Retirement Plan.
- Full-time and part-time support or technical staff members are automatically enrolled in the appropriate Maryland State Plan - either the:
- Maryland Teachers' Pension System
- Maryland Employees' Pension System.
- 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.
Part-time faculty can only participate in a 403(b) program
Supplemental Retirement Plans
In addition to the retirement plans above, you can save more with a Supplemental Retirement Account (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.
- ING/Voya: Jeffrey Wheeler, CRPC (703) 405-7880
- TIAA-CREF: Telephone Counseling Center (800) 842-2776
- AXA Equitable: Mark S. Purisch (301) 840-1551
- Valic: Brian Misterek (410) 980-0025
The Internal Revenue Service limits your annual 2019 SRA contribution to $19,000 (or $25,000 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.