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News for Employees

New Option and Annuity Factors for Maryland State Teachers' Retirement and Pension System Members Retiring On or After January 1, 2022

New option and annuity factors are in place for members of the Maryland State Retirement and Pension System (SRPS) who choose a retirement date effective on or after January 1, 2022. Option and annuity factors are actuarial values used to calculate monthly retirement benefit payments for participants who select an optional form of retirement allowance that reduces the retiree’s basic allowance and may provide beneficiary coverage after the retiree’s death.

The new factors reflect current expectations for life expectancy, retiree cost-of-living adjustments, and the mix of males and females electing options. For more information on this change you can contact the Maryland State Retirement Agency (MSRA) at 1-800-492-5909 or visit the MSRA website.