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MSRP switches administrator to lower fees; state match restored in budget

Appropriations Committee · February 20, 2026

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Summary

DLS says Maryland Supplemental Retirement Plans switched plan administrators to Empower, cutting administrative fees from 0.775% to 0.335% of assets, which DLS estimates will leave members with about $2.4 million more in FY2026; the committee heard that the reestablished state match is driving growth in participation.

Jacob Cash, DLS analyst, briefed the committee on the Maryland Supplemental Retirement Plans (MSRP). He said MSRP offers three defined-contribution options (401(k), 457(b), and 401(a) match) and that the FY2027 allowance for MSRP is $2.6 million, roughly a 6% increase driven mainly by personnel and shared-services…

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