How will the TSR Plan affect fringe benefits?
The Plan will not affect benefits, including mandatory retirement, health or accrual of leave. The TSR Plan will have no impact to the employee’s Mandatory Retirement Plan (defined benefits plan through the Maryland State Retirement Agency or the defined contribution Optional Retirement Plan). The employee’s contribution and/or UMB’s contribution will remain the same despite the reduction in the employee’s paycheck. Supplemental Retirement Account(s)/SRA (403b, 457b, 401k through Fidelity, Nationwide & TIAA-CREF) contributions (solely the employee’s contributions & match monies for Employees’ Pension Plan participants) will automatically stop if the amount the employee is contributing will be greater than the amount of the employee’s net paycheck. Please note: This will not impact the vast majority of employees; however, employees with an SRA who may be impacted should contact Benefits, Human Resource Services, for assistance at 410-706-2616.
