MSRB By the Numbers / August 2023
The State Retirement Board (MSRB) is working diligently to process the thousands of pending benefit requests and inquiries we regularly receive. We thank our members for your continued cooperation.
- In August, the MSRB issued $246.28m in benefits to more than 70,693 retirees and beneficiaries. For 2023 the total benefits issued is more than $1.92b.
- The MSRB added 217 new benefit payees. The total for 2023 is 1,914 new benefit recipients.
- Accelerated payments were provided to 94 new retirees totaling $1.45m in gross retro-benefits approved for payment on August 14th. In 2023, the Board issued 633 accelerated payments, totaling over $8.94m in retro payments.
- For the payroll periods running August 4 through August 25, the MSRB Disbursement Unit processed 349 refunds/rollovers/transfers totaling approximately $7.1m in net funds issued. In 2023, Disbursement Unit had processed more than 2,871 refunds/rollovers/transfers, totaling over $48.5m in net funds issued.
- MSRB staff fielded approximately 11,319 telephone calls for August 2023 that were made to the main department extensions. Over 8,683 calls were taken by the Call Center and over 630 by our Member Account Management and Retiree Benefit Account Management Units. (This data does not take into consideration those calls made directly to staff extensions.)
- As of the end of August, there are 52,997 retirees/survivors who subscribe to the monthly MSRB Retiree eNews Bulletin. This represents approximately 75% of our total retirees/beneficiaries.