May I roll over or transfer money from one retirement plan to another?
Yes, rollovers from 401(k) plans, other 403(b) plans, 457(b) plans, and traditional Individual Retirement Accounts (IRAs) are allowed.
What are the costs to participate in a 403(b) and/or 457(b)?
To find out the cost of participating in a 403(b), contact your 403(b) company for details. Be sure to ask about commissions, management and administrative fees, 12b-1 fees, mortality and expense charges, and surrender charges. HCPSS does not receive any money for providing this retirement benefit.
Is there a limited time of the year where I can change my contribution amount to my 403(b) and/or 457(b)?
No, 403(b) and 457(b) contribution changes can be made at any time.
How often can I change my contribution amount to my 403(b) and/or 457(b)?
You may make changes as often as needed. Changes must be made
directly through Workday.
Who is eligible to participate in HCPSS' 403(b) and 457(b) plans?
All HCPSS employees are eligible to participate.
How can I begin my retirement proceedings?
To notify HCPSS of your Intent to Retire, please fill out this form.
Staff may access the HCPSS and MSRA Retirement Package online.
Does HCPSS accept transfer of unused sick leave?
Yes, HCPSS accepts unused accumulated sick leave from any former employer that is a Maryland Public School System, including the Maryland School for the Blind and School for the Deaf. HCPSS also currently accepts transfer of unused accumulated sick leave from the Maryland Department of Education (MSDE). Please initiate the Sick Leave Transfer form to your previous employer within 60 days of your date of hire.
Who is my assigned HCPSS Retirement Specialist?
Your HCPSS Retirement Specialist is assigned based on your last name:
- A-G, Jennifer (Lisa) Watkins, 410-313-1501
- H-O, Fatima Sye, 410-313-6695
- P-Z, Gale Gibbs, 410-313-1508
How can I be grandfathered into th 100% Board subsidy for medical benefits in retirement?
“Grandfathered employees” refers to those employees who qualify for a 100% Board subsidy for their medical benefits in retirement. Grandfathered employees must have had at least 25 years of consecutive service as of July 1, 2009, must be retiring with at least 30 consecutive years of service, must be Medicare eligible, and must be enrolled in medical benefits for a minimum of one year prior to retirement.