ESSENTIAL BENEFITS & RETIREMENT INFORMATION

RETIREMENT

Enrollment Deadline and Procedures

• State of Maryland law MANDATES that you enroll in a retirement plan by the beginning of the pay period in which your appointment begins.
• Hence, as examples the enrollment deadline for faculty starting July 1st is June 29th while those beginning August 23rd (9 month appointments) is August 24th.
• If you fail to select a plan by the deadline, you will be automatically enrolled in the Maryland State Pension Plan.
• To initiate the enrollment process, complete the preferred retirement plan registation form you may have already received. If you have not received such a form, contact the Benefits Office at (301) 405-5654 about beginning the enrollment process for the plan of your choice.

Eligible employees may choose either:

• Maryland State Pension System: a defined benefit plan in which you become vested after five years.  There is a mandatory pre-taxed contribution of 4% of your annual salary.
• Optional Retirement Program (ORP): a defined contribution 403(b) plan in which you are immediately vested.  You may select either TIAA-CREF or Fidelity Investments as your vendor.  The University contributes 7.25% of your annual salary to your account.  There is NO mandatory contribution of your salary to this plan
  

HEALTH BENEFITS

Enrollment Deadline

• As a new employee, you have 60 days from the date you begin employment to choose your benefit programs.  If you do not sign up for benefits programs within this 60-day period, you will NOT have another opportunity to enroll until the next open enrollment period (open enrollment is held once each year, usually in the late spring).
• In order to allow time for the completion of the benefits registration process, you are strongly encouraged to enroll in benefit programs NO LATER THAN ONE MONTH BEFORE THE BEGINNING OF YOUR APPOINTMENT. 
• Contact your department for the appropriate enrollment forms.

Plan Choices

• The University offers medical, dental, vision, mental health and prescription insurance plans for yourself and your eligible dependents.  Vision and mental health are included with your choice with medical vendors.  The prescription plan is provided by CatalystRx.
• Medical benefit plan vendors are BlueCross Blue Shield, Kaiser Permanente, MAMSI/United Health Care and Aetna.  The type plan selected may be a Preferred Provider Organization (PPO), Point of Service (POS), or Health Maintenance Organization (HMO). 

There are three dental plans from which to choose, two HMOs and one PPO

SELECTION AND REGISTRATION INFORMATION

For assistance in choosing your insurance and retirement plans and for information on coverage, visit the Benefits Office’s website or contact the Benefits Office staff member for your college: