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Retirement & Savings
Programs
Retirement Plans
As an educational institution of the State of Maryland, AMC has access to state-funded retirement
programs which are offered to employees.
Tax Deferred Annuity Plans (Supplemental Retirement Plans)
Allegany County Teachers Federal Credit Union
Employees classified as faculty, administrators and professional staff whose position requires a
baccalaureate degree or higher may choose to participate in either the Maryland State Pension
System or Optional Retirement Plan (ORP). Employees classified as support staff must
participate in the Maryland State Pension System.
• Maryland State Pension System
Includes both the Teachers’ and Employees’ Pension Systems; vested after 10 years of service;
mandatory 7-percent employee contribution.
• Optional Retirement Plan
A defined contribution plan with immediate vesting with one of two carriers: TIAA-CREF or
Fidelity; the state contributes 7.25 percent of your base salary to your account.
As an educational institution, it is possible for AMC employees to shelter a portion of their
salary. There are several companies from which to choose: TIAA-CREF and Fidelity. Tax laws
govern enrollment and administration of the plans. Calendar year 2017 annual limits are
$18,000 for under age 50 and $24,000 for age 50+.
Employees of ACM are eligible to join the Allegany County Teachers Federal Credit Union. The
credit union can be reached at 301-729-8015.
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