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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

Employees' and Teachers' Pension Plan
Key Points:
  • Employees contribute 7% of salary
  • MD state also contributes
  • Vests in 10 years if hired after July 1 2011
  • Vests in 5 years if hired prior to July 1, 2011
  • Defined benefit plan
Plan Details
Employees' and Teachers' Retirement System
Key Points:
  • Employees contribute 7% of salary
  • MD state also contributes
  • Vests in 10 years
  • Defined benefit plan
  • Limited to Employees hired before January 1, 1980
Plan Details
Optional Retirement Plan
Key Points:
  • Employees cannot contribute to the plan
  • MD state contributes 7.25% of salary
  • Vests immediately
  • Defined contribution plan
Plan Details

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).

Have the option to only participate in a Supplemental Retirement Annuity (SRA) 403(b) program.
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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

Voya helps you plan, invest, and protect your savings to and through retirement.

Enroll

Plan Number:
403b -- VT4932 
457b -- VFK112 

Verification:
086856

Contact:  Larry Weber, CFS | 301-998-6585

TIAAnew window

Create a personal pension and define success on your own terms

Enroll

College Code:
403b -- 100155
457b -- 100156

Contact: Telephone Counseling Center (800) 842-2776

Equitablenew window

Empowering people to live better lives

Contact: Mark S. Purisch | (202) 812-7904

Contact: Joe Lazzari | (301) 741-5858

Corebridge Financial

Get FutureFit

Learn morenew window

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.

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