Planning a July 1 Retirement? Guide to Forms, Deadlines, and Resources
You have weighed your options, evaluated your personal situation, and made the decision to retire. Before you pack your beach bag, here are the important forms, deadlines, and resources you will need to know about to prepare for a July 1 retirement.
Depending on your position, you are either a member of the Maryland State Teachers’ Pension System (State core pension plan) or the Montgomery County Public Schools (MCPS) Pension System (MCPS core pension plan). MCPS employees also are members of the MCPS supplemental retirement plan. Your retirement application forms will differ slightly, depending on your core plan membership.
Not sure about your core plan membership?
Knowing how you receive your yearly retirement statement will help you identify your core plan. If you are a member of the State core pension plan, you receive a yearly statement detailing your projected retirement benefit from the Maryland State Retirement Agency (MSRA). This paper statement is mailed directly to your home address each year and also can be accessed online on the MSRA website. If you are a member of the MCPS core pension plan, you access your annual statement of retirement benefits online via PenPoint, MCPS’s self-service retirement system. Keep in mind though that both State and MCPS core plan members access their annual statement for their MCPS supplemental plan through PenPoint.
Access the necessary retirement application forms by selecting your core plan below:
Deadline for Submitting Forms
You must submit all retirement application forms to the Employee and Retiree Service Center (ERSC) at least 30 days prior to your retirement date. For a July 1, 2017, retirement date, ERSC recommends submitting retirement forms by May 1, 2017, but forms will be accepted until May 31, 2017.
Final retirement forms received between June 1 and June 30, 2017, will delay the effective date of your retirement to August 1, 2017. Please be advised: If you are a member of the State core pension plan and retire on August 1, 2017, you will not receive your first cost-of-living adjustment to your State pension benefit until July 1, 2019. The one-month delay in your retirement will delay your first cost-of-living adjustment by 11 months.
If you plan to make contributions to your 403(b) or 457(b) retirement savings plans from payments of accumulated sick or annual leave, those forms also must be completed and submitted to ERSC by May 31, 2017. You will find the leave payout forms listed as “Additional Related Forms and Information” on the MCPS Core and Supplemental Plan Retirement Application Forms or the State Core and MCPS Supplemental Plan Retirement Application Forms web pages.
As announced in the Winter 2017 issue of For Your Benefit, to be eligible for payment of 35 percent of their earned unused sick leave balances, MCEA members retiring July 1, 2017, needed to have submitted all retirement application forms to ERSC by April 1, 2017. Submitting your retirement forms after April 1 will result in sick leave payout at 20 percent. See details.
ERSC’s support does not end just because you have made the decision to retire. Here is what we have to offer to help you through the final retirement planning stages and beyond:
- Retirement Planning Web Page—Find links to numerous retirement resources, including PenPoint, retirement forms, a retirement timeline, disability retirement information, and Understanding Your Retirement.
- Retiree Benefits—Learn about retiree benefit options and costs in the Retiree Benefit Summary.
- Retiree Website—ERSC maintains a website dedicated to retirees, where you can find pertinent news, forms, and detailed information about your future retiree benefits. Visit the website to learn more.