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Supplemental retirement plan adds members after state match; agencies to pick up match funding in FY26 plan
2249698 · February 6, 2025
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Summary
Maryland Supplemental Retirement Plans (MSRP) reported membership growth tied to the state match program; DLS concurs with the governor’s allowance but notes centralized match funding has been removed from the budget and agencies are expected to cover the match in FY26.
Jacob Cash presented DLS’s analysis of the Maryland Supplemental Retirement Plans (MSRP), which administers four voluntary supplemental plans for state employees. MSRP’s fiscal 2026 allowance is $2.7 million in special funds, a 9% increase driven by higher shared‑services allocations for HR…
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