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As a non-exempt employee of Salisbury University, you will be enrolled as a member of the State Retirement & Pension System of Maryland (SRPS). This plan is a defined benefit plan, which provides a guaranteed benefit upon retirement based on years of service and the average final compensation.
Contributions The current employee contribution is 7%, which is deducted each pay period on a pre-tax basis. The University's contribution is currently 16.38% per pay period. The University's contribution generally changes the beginning of each fiscal year, which is July 1st.
Investment Management The assets of the SRPS are invested by professional investment managers who are selected and monitored by the Board of Trustees of the State Retirement & Pension System. Any investment losses or funding shortfalls are the responsibility of the State of Maryland.
Since the assets are managed by investment professionals, you are not responsible for managing the account. This means that you do not need to determine where the funds will be investment.
updated 7/23/2015