Do employers have to sign their employees up for MarylandSaves?
NO, but MarylandSaves offers a way to meet the State’s requirement at no cost to employer.
Under Maryland law, most* Maryland employers will soon be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or a WorkLife Account from MarylandSaves. MarylandSaves is not an ERISA plan and does not offer the features of most ERISA plans. However, of these options MarylandSaves is the only one that doesn’t charge the employer a fee.
*This applies to businesses that have been in operation for at least 2 calendar years, have at least one W-2 employee, and use an automated payroll system.