State Retirement & Pension
The City of Greenbelt is a participating employer in the State Retirement and Pension system of Maryland. This is considered a “defined benefit” plan. Classified employees pay 7% each pay to the Alternative Contributory Pension System and Sworn Police Personnel pay 7% each pay to the Law Enforcement Officers Pension System (LEOPS). Employees hired after July 1, 2011 have a 10-year vesting period.
State of Maryland Retirement
24-hour Access: 800-492-5909 or 410-625-5555
Defined Contribution Plan (401a)
The city offers a “defined contribution plan” (401a) in which the city contributes 7.5% of a classified non-sworn employee’s salary each pay and 5.0% of a sworn police personnel employee’s salary each pay.
Deferred Compensation Plan (457)
The city also offers a “deferred compensation plan” (457) which is designed specifically for employees who wish to defer income and the payment of income taxes on the deferred investment. The plan is not meant for short-term savings or investment purposes as monies deferred are generally not available until termination or retirement. Employees may defer up to the current IRS limit on a pre-tax basis.
Classified employees also have the option to open an IRA and have their contribution made by payroll deductions.
The 401, 457, and IRA plans are offered through ICMA-RC (International City Management Association Retirement Corporation).
401a Plan #109372
457 Plan #301421
Shantel Washington CRC, Retirement Plan Specialist
Participant/Member Services: 800-669-7400
(Spanish/Espanola): 800-669-7400, ext. 8216