Benefits Bulletin: The Match is Back!

The General Assembly has funded the State of Maryland’s deferred compensation “Match” program in the 2008 fiscal year to provide members of the State Employees Alternate Contributory Pension System a dollar-for-dollar match for up to $600 of their contributions to any of the eligible plans in the Tax Deferred Supplemental Retirement (SRA) Program available at Towson University

To be eligible for the Match program, an employee must be enrolled in the State Employees Alternate Contributory Pension System and also be actively contributing to any of the following SRA plans available at Towson: AIG Valic’s 403(b) or 457(b); MD State Supplemental Retirement- Nationwide’s 401(k), 403(b) or 457(b); or TIAA-CREF’s 403(b) or 457(b). At the present time, Fidelity Investments’ 403(b) and 457(b) plans are not eligible to receive the Match.

The Match program is not available to employees who are enrolled in either the MD State Retirement System (“old plan”), the Optional Retirement Plan, LEOPS, faculty members or any non-regular/contingent employees.

As a Nonexempt or Exempt Staff employee enrolled in the State Employees Alternate Contributory Pension System (shown on right of your paycheck/stub as “ST EMP ALT PEN”), if you are enrolled in any of the SRA plans listed above, you are eligible for the Match program. Based on the amount of compensation you elect to defer into one of the participating plans, the State will provide a dollar-for-dollar match, up to a maximum of $600, on a fiscal-year basis into the Match 401(a) account.

The first Match contribution for fiscal year 2008 will be made in the July 11, 2007 paycheck for the pay period ending July 3, 2007. Enrollment in any of the Match eligible SRA plans can be done at any time and the Match contribution would then begin based on the effective date of that SRA enrollment.

Questions should be directed to Dave Curtis, x46018 or dcurtis@towson.edu, or Gail Price, x46017 or gprice@towson.edu, in the TU Benefits Unit

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Contributed on behalf of: Office of Human Resources
Publish from: 5/8/2007 through 5/15/2007
Topic: Announcements
Division: Administration and Finance
Distribution: Faculty Staff