Employees' Retirement System & GRIP
The Employees' Retirement System was established in 1965 as a defined benefit pension plan providing benefits to the employees of Montgomery County and other agencies or political subdivisions who elect to participate. The System is closed to employees hired on or after October 1, 1994, except public safety bargaining unit employees and those employees who elect to participate in the Guaranteed Retirement Income Plan (GRIP). There were 5,515 active members and 5,712 retirees participating in the System as of June 30, 2011.
The County established a Trust for the benefit of the members of the retirement system. The Board of Investment Trustees is responsible for the management of the Trust. In investing the Trust, an appropriate balance must be struck between risk taken and returns sought to ensure the financial wellbeing of the System. The Board of Investment Trustees has adopted investment policies that work to manage the risk to which the System is exposed while maximizing the potential for asset growth.
Useful Employees' Retirement System and GRIP links for Active Members and Retirees are provided below:
|Plan Benefits ¹||Plan Benefits|
|County Code||County Code|
|Investments||Insurance (Maintained by Human Resources)|
|Deferred Retirement Option Program (DROP/DRSP)||Investments|
|Elected Officials' Plan (EOP) Summary||Retired Employee Association|
¹ If you are a member of the Employees' Retirement System, your benefit is determined based on a formula, by retirement group, that includes years of service, salary and age.