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Supplemental retirement plan adds members after state match; agencies to pick up match funding in FY26 plan
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 and IT.
Cash said Chapter 100 of 2023 reestablished a state match of up to $600 for participating state employees and that centralized funding of about $12 million has been budgeted in DBM’s statewide expenses in prior years; the current budget plan eliminates those centralized funds and requires agencies to find money in their own budgets to pay for matches in FY26. DLS said MSRP expects growth from the match and from proposed automatic enrollment legislation but asked MSRP to clarify expected enrollment growth if auto‑enrollment does not pass.
MSRP’s director Rhonda Bell and deputy executive director Nikia Smith thanked DLS and confirmed concurrence with the governor’s allowance. They said the match remains in place and that agencies have flexibility to pay matches from vacancy savings, fund balance or other savings. DLS recommended concurring with the governor’s allowance.
