Get answers to frequently asked questions

No worries. Just provide basic information about the employee, and MarylandSaves will use the information to direct new contributions to the employee’s existing account.

It means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and their payroll contributions will start. Employees who are automatically enrolled in the program will have the default contribution settings elected.

The MarylandSaves program is designed to enable businesses to make savings available to their employees without the employer becoming legally responsible for either the decision to participate or the investment results. State law provides that employers should not advise or discuss with their employees whether to participate or suggest how much they should save or what options they should choose or otherwise provide any advice about the program or investments. Your responsibility is to “facilitate” the program. Instead, advise the employee to visit MarylandSaves.com or call 1-833-811-7438. You could also suggest that the employee speak to a financial or tax advisor.

No. Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are paper forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer service team is also available if your employees need any additional help or have other questions.

To register, we just need your SDAT and the Access Code provided to you via email or letter. After that, you’ll provide a list of your employees and your payroll information. And 30 days later, you or your payroll provider will need to update your participating employees’ contribution rates within your payroll. From that point on, you’ll just need to keep your employees’ payroll contributions and staff list up to date. If an employee makes a change to their contribution rate or opts out of the program, you will be notified via email and a “red flag” notice will be posted on your Employer Portal Page.

If you don’t have an Access Code, you can request one here.

Yep. You can elect to add a “Teammate” as an administrator to your account to help facilitate the MarylandSaves program if you choose not to do it yourself. This could be an authorized employee or even staff from your payroll provider. Best of all, the program is designed to work seamlessly with many payroll provider systems.

Employers that choose to introduce a qualified retirement plan after enrolling employees in the MarylandSaves program should contact our client services team at 1-833-811-7437 and request to “unregister.” Our team will then take you through the necessary steps. 

Any Maryland business can participate in the MarylandSaves Workplace Savings Program. The state requirement 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. Sole proprietors and contract (1099) employees can also enroll themselves and make contributions via their personal checking or savings accounts.

Yes, if their employment is based in Maryland.

Yes, you would need to facilitate the program only for employees with income in Maryland.