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.

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. After your business is enrolled, MarylandSaves will reach out to your employees with information about the program and instructions they can use to access their WorkLife Accounts and make changes or opt out. 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?

Many businesses tell us that they completed enrollment in 15 to 20 minutes. Your business’s time will depend 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.

What do employees need to do after I enroll them?

Your employees will receive information directly from the MarylandSaves program. If they do not opt out of the program within 30 days, they will be enrolled automatically, and their deductions should be included your payrolls after that date. If they choose to opt out, they will be removed automatically from the program, and you will be notified. Employees also may choose a higher or lower payroll deduction rate. They can opt out and/or rejoin or change their savings rate at any time. If they do so after the initial 30-day period, we will let you know that, too.

What if an employee already has a MarylandSaves account through another employer?

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.

What does automatic enrollment mean?

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.

What if an employee asks me for advice about the program or its investment options?

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 or call 1-833-811-7438. You could also suggest that the employee speak to a financial or tax advisor.

Do employees need to fill out paperwork to enroll or make changes?

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.

How do employers register?

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.

Can I have a designated employee or payroll services provider complete the registration and enrollment process?

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.