Get answers to frequently asked questions.

MarylandSaves is a workplace savings program created to make it easy for Maryland businesses to help their employees save. The State of Maryland wants all Maryland businesses to be able to offer retirement savings, but many do not because they don’t have the people, time, or money to buy a plan, pay the fees, and make contributions. The MarylandSaves program is designed to make it easy and free to help your employees save. 

Here are answers to many of the common things we’ve been asked. If you have questions beyond these, we’re here to help. Just drop us a line.

Do employers have to facilitate this State program?

Yes. Under Maryland law, most* Maryland employers will 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.

*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.

How is the MarylandSaves program different from plans like a 401(k) or an IRA?

Many plans involve complex administration requirements, fiduciary liability, and high costs, all of which can keep employers like you from offering employees retirement savings plans. But MarylandSaves is different. It offers some of the best features of popular employer plans and IRAs, but without the burdensome requirements, allowing employers to focus on facilitating the program — all with no cost to you.

What is considered to be a qualified, employer-sponsored retirement plan?

An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.

Where can I find a copy of the program rules?

The MarylandSaves retirement savings program rules are posted here.

Will services be available in other languages?

Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.

How does enrollment work?

First, you’ll be asked to provide certain information about your business and employees. We ask only for the basic information necessary to set you up as an employer and to set up your employees' accounts. You’ll get information to share with your employees that will include instructions for them. After that, you’ll start the payroll contributions for the employees who choose to stay in the program.

How long does it take to complete enrollment online?

That depends on how many employees you have and whether you enter their information manually or use the batch upload feature or payroll system integration for multiple employees. Once employees are entered into the system, just update your payroll processing to include employee contributions, which are seamlessly deposited into each employee’s account.

Does the State have printed or electronic materials to help my employees understand the benefits?

Yes. There are educational materials you can send to employees electronically or print and share with them.

What do employees need to do after I enroll them?

Your employees will receive information directly from the MarylandSaves program and must choose to stay automatically enrolled in MarylandSaves or opt out; they have 30 days to decide after you add them to the program. If they stay enrolled, the payroll deductions that they elect and that you set up for them in your employer portal will start as soon as your next payroll. If they choose to opt out, they will be removed automatically from the program and can always rejoin later.