• Retirement Plan

    Retirement Plan

    The Mentor, Maryland State Retirement and Pension System Newsletter

    Employees Hired on or Before June 30, 2011 Employees Hired on or After July 1, 2011
    Vested retirement after five (5) years of service Vested retirement after ten (10) years of service
    After vested, guaranteed monthly benefit for life at retirement age After vested, guaranteed monthly benefit for life at retirement age
    Eligible for full service retirement at age 62 with at least 5 years of eligibility service or with 30 years of service

    Eligible for full service retirement with at least 90 years of combined age and  years of eligibility service. For example:            
                Age 57 with 33 years of service,
                Age 60 with 30 years of service,
                Age 63 with 27 years of service
          Or age 65 with at least 10 years of eligibility service

    Early retirement at age 55 with 15 years of service (with a penalty of 6% for each year under the age of 62) Early retirement at age 60 with at least 15 years of service (with a penalty of 6% for each year under the age of 65)
    Maryland State Retirement-Welcome to the Employees' and Teachers' Pension System (Hired on or before 6/30/2011) - video

    Maryland State Retirement-Welcome to the Employees' and Teachers' Pension System (Hired on or after 7/1/2011) - video

    Maryland State Retirement-Understanding Your Personal Statement of Benefits (PSB) - video

    Benefits eligibility in retirement is dependent the employees date of hire and years of service at retirement. Please contact the Benefits office for questions.

    This summary is intended only as an overview of the benefits PGCPS offers.  The contract governs the administration of the benefits.