Posted On February 14, 2020
9 to 12 months
- Review your annual retirement statement via PenPoint and/or from MSRA, depending on your core plan membership.
- Read Understanding Your Retirement.
- Attend an Informational Session.
- Review or run an estimate of retirement benefits via PenPoint and, if applicable, request an estimate from the Maryland State Retirement and Pension System.
- Apply to purchase any eligible service and/or military service credit. (See “Did You Spend Time Working Outside MCPS?”)
- Prepare your retirement budget.
- Read the Retiree Benefit Summary for retiree benefit options.
- Review the applicable rate chart in the Retiree Benefit Rate Schedules.
- Discuss your benefit payment options with your family and/or financial advisor.
- Attend a Forms Workshop.
- Download your retirement application forms.
- Determine your federal and state withholding amount. Consult with your tax advisor for assistance.
- If eligible, contact the Social Security Administration to enroll in Medicare Parts A and B if you and/or your spouse are 65 or older. Be sure to send a copy of your Medicare card with Parts A and B to the Employee and Retiree Service Center (ERSC) at least 60 days prior to the effective date of your Medicare coverage.
1 to 2 months
- Send in your retirement forms. ERSC must receive all forms (State core, MCPS core, and/or supplemental plan) at least 30 days prior to your retirement date. This includes forms to direct your final leave payout to your 403(b) and/or 457(b) accounts.
For a more detailed list of actions, visit the ERSC Retirement Planning web page.
Core planFYB Issue Winter 2020MCPS core pensionMedicareMedicare Part AMedicare Part Bpayment optionsPenPointpurchasing serviceretirement application formsretirement forms workshopRetirement Informational Sessionretirement statementState core pension