RETIREMENT:
FCPS participates in the contributory Pension System with the State of Maryland. There is a mandatory 2% contribution by eligible employees. Membership begins the first day of employment. Eligible employees earn one year of eligibility service during any fiscal year in which one works a minimum of 500 regular hours. Five years of eligible service are required to be “vested”, which means a future retirement benefit is available when one reaches age 62. The benefit is calculated on average final salary and length of service with a compound cost of living adjustment (COLA).
IF
YOU ARE PLANNING ON RETIRING WITHIN THE NEXT 12 MONTHS:
·
To determine the date
you are eligible to retire, refer to your Personal Statement of Benefits sent
to you every fall by the MSRA. The statement of benefits reflects your benefits
as of June 30 of that year.
·
Calculations of your
retirement benefit are not processed by the FCPS Human Resources Department.
To initiate the retirement process, you must complete Form MSRA-9 – Application
for an Estimate of Service Retirement Allowance. This form may be downloaded
from the MSRA website at www.sra.state.md.us,
click on Member, Forms, To Print Forms,
Active Members’ Forms. When you submit this completed form to the MSRA,
they will send you a formal estimate of your retirement allowances for all
options (allow 6-12 weeks to receive your estimate). This form is also available
in the FCPS Human Resources Dept.
·
Prior to making an appointment
with your retirement coordinator in the FCPS Human Resources Department, you
must have your option selection from the MSRA in hand. Once you have your
estimated options, call the FCPS Retirement Coordinators to schedule an appointment
to file an Application for Service Retirement Allowance. Employees with last
name ending A – L should call 301-644-5058. Employees with last name ending M – Z should
call 301-644-5083. The appointment
usually lasts between 30 minutes to 1 hour.
·
You have the option
of meeting directly with a Maryland State Retirement Counselor if you want
specific information on your retirement account. Call 1-800-492-5909 or 410-625-5555
to schedule an appointment.
Visit the MD retirement agency web site:
www.sra.state.md.us,
Eligibility For Retirement:
Retirement System (Old System)
· Age 60 with 5 years service
· 30 years service at any age
· 25 years at any age (with early retirement penalty)
Pension System (New System)
· Age 62 with 5 years service
· Age 63 with 4 years service
· Age 64 with 3 years service
· Ag4 65 or older with 2 years service
· 30 years at any age
· Age 55 with 15 years (with early retirement penalty)
If You Take a Leave of Absence:
The Maryland Retirement/Pension Systems recognize leave of absences for only
the following reasons:
· Personal illness
· Maternity/Paternity (including adoption)
· Career-related study
· Service that is government sponsored and/or subsidized service in
a professional or employee organization
· Active duty military service
If you are granted a leave of absence
for one of these reasons, you must submit a Maryland Retirement/Pension System
leave form (Form 46) before the leave begins. Failure to submit this form
will result in loss of credit toward retirement.