Employees who have supplemental retirement accounts and are experiencing financial hardship have new withdrawal and loan options under the Federal Coronavirus Aid, Relief and Economic Security Act (CARES Act).

The USM Supplemental Retirement Plans (SRA) adopted changes under the CARES act to its TIAA and Fidelity 401(a), 403(b), and 457(b) plans.  The CARES Act was created to provide financial relief to individuals and families, small businesses, and the aviation, healthcare, and education sectors.

Please see the following USM memo.

Coronavirus-related Distributions

• 10% early withdrawal penalty and 20% tax withholding waived
•  $100,000 limit across all SRA plans
• Income taxed over three years with taxpayer ability to re-contribute within three years regardless of that year’s cap
• Participants self-certify that they’re impacted

Coronavirus-related Loans

• Loan limit increased to the lesser of $100,000 or all of vested account balance
• Repayments due between the date of CARES enactment and year-end delayed one year
• Participants self-certify that they’re impacted
• Existing loan payments may be suspended through the end of the 2020 calendar year. Payments will begin again in January 2021.

• Request a Suspension of Required Minimum Distributions (RMDs) due in 2020
• Initial RMDs still due to be taken before April 1, 2020
• Participants who want to continue taking their distributions will be able to do so.
• Financial vendors can verify if you meet RMD criteria

Employees experiencing hardship can contact their respective retirement vendors for rules, details, and to start the distribution process.

Employees who wish to change their contributions can do so by completing an SRA change/enrollment form.  Forms can be found here.

#1 Visit new OneLogin link: https://stateofmaryland.onelogin.com/

#2 Enter your SPS ID/W# (Your SPS ID can be found on your timesheet, POSC, and your myUMBC profile)

#3 Enter the Temporary password* made up of the following digits (your current password will not work here):  

• Capital first letter of your first name
• Lower case first letter of your last name
• 4 digit birth year
• Last 4 digits of your social security number
• End by entering $ (the dollar sign character on your keyboard)

*Temporary Password Example: 

For employee John Smith, birth year 1960, last 4 digits of his SSN 8567

Password is: Js19608567$

Pre-Taxed Plans:  403b, 457b, 401k

After Tax ROTH Plans:  403b, 457b, 401k

To enhance the security for all the SPS data and ensure that only you can access your SPS Benefits account, we are moving to a new multifactor authentication login process. As a reminder, the SPS Benefits system allows you to review your benefits anytime and make changes during Open Enrollment. 

The new SPS login process will start on Thursday, September 10, 2020.  Please look for specific instructions on this go live date—Thursday, September 10.

The new multi-factor login process will require a one-time passcode through email, text or mobile app, or new security questions and a password each time you login to SPS.  You may be familiar with one-time passcodes that are used on other apps or website accounts.

You will receive specific instructions on Thursday, September 10th that you will use to login to SPS.  We ask that you try this out as soon as possible when your get the login instructions.  This new process will allow you access to SPS for the fall Benefits Open Enrollment period in October. 

Changes allowed under these new rules for State Program Participants

Employees may make the following Health & Dependent Care FSA changes:

Instructions & Required Forms:

Extension of the Deadline for Incurring Eligible FSA Expenses