Supplemental Retirement

Coppin State University offers an exceptional opportunity to save for the future while reducing your present tax liability. Employees may choose from among three attractive plans, each having various investment and service features. These savings plans, known as Supplemental Retirement Accounts (SRA), are designed to provide significant advantages for financial growth to supplement your retirement income. Your payroll contributions, as well as the earnings on your account, are tax sheltered. Therefore, you do not pay federal or state income taxes on these payroll deductions or the earnings until you withdraw the funds, usually at retirement.

Participation in any tax deferred investment plan will not affect future benefits from any retirement plan or Social Security. If you separate employment with the University System of Maryland, you will not be eligible to make direct payments on a tax sheltered basis to any of the plans offered at the University since all contributions must be made through payroll deductions while employed. However, you may choose to leave your money in the investment plan and receive these benefits at a later time.

Participating organizations will calculate your salary deduction possibilities based upon such factors as your current salary, your retirement plan and contributions into other tax deferred plans. Call the Office of Human Resources at 410-951-3666 to schedule an appointment with a Supplemental Retirement Plan representative.

How to Manage Your Supplemental Retirement Account

Employees can enroll, change or cancel their voluntary Supplemental Retirement Accounts (SRA) at any time by logging into the USM Retirement@Work portal. While base retirement plan selections (like the ORP or state pension) are generally locked in upon hire, you can freely adjust the contribution amounts, allocate funds, or change vendors for your voluntary plans.

To make adjustments to your retirement contributions:

• Log into the Portal: Go to the USM Retirement@Work portal to change your voluntary contribution amounts for TIAA or Fidelity.
• MSRP Accounts: If you participate in the State of Maryland Supplemental Retirement Plans (MSRP) with the vendor Empower, submit your contribution changes directly through your Empower portal.
  • Payroll Processing: Monitor your paycheck stubs in the Payroll Online Service Center (POSC). It typically takes one to two paychecks for the new contribution amounts to be processed.
    If you need specific assistance with enrolling, account changes or the Retirement@Work portal, the USM Retirement@Work contact center can be reached at 1-844-567-9090, weekdays from 8 a.m. to 10 p.m. (ET).