About Maryland State Retirement and Pension System
Maryland State Retirement and Pension System is a government agency that was established to administer the survivor, disability, and retirement benefits of the System's participants. The agency is responsible for managing the pension plans of state employees, teachers, judges, law enforcement officers, and other public servants in Maryland.
The Maryland State Retirement and Pension System has been providing retirement benefits to its members since 1945. Over the years, it has grown into one of the largest pension systems in the United States with over 400,000 active members and retirees. The agency manages over $50 billion in assets which are invested in various financial instruments such as stocks, bonds, real estate investments trusts (REITs), private equity funds among others.
One of the key objectives of Maryland State Retirement and Pension System is to ensure that its members receive their retirement benefits on time. To achieve this objective, it has put in place a robust system that ensures timely processing of claims. Members can access their accounts online through a secure portal where they can view their account balances and update their personal information.
The agency also provides disability benefits to its members who are unable to work due to an injury or illness. Disability benefits are designed to provide financial support for individuals who are unable to earn an income due to a medical condition. Members who qualify for disability benefits receive monthly payments until they recover or reach retirement age.
In addition to providing retirement and disability benefits, Maryland State Retirement and Pension System also offers survivor benefits. Survivor benefits are paid out when a member passes away leaving behind eligible dependents such as spouses or children under 18 years old. Survivor benefit payments help provide financial support for dependents during difficult times.
Maryland State Retirement and Pension System is committed to ensuring that its investment portfolio generates strong returns while minimizing risk exposure. The agency employs experienced investment professionals who use sophisticated tools such as asset allocation models and risk management strategies when making investment decisions.
In conclusion, Maryland State Retirement and Pension System plays an important role in ensuring that public servants in Maryland have access to reliable retirement income streams after they retire from service. With over 75 years' experience managing pension plans for state employees across different sectors including education sector; law enforcement; judiciary among others; this government agency has become one of America's most trusted providers of pensions services today!