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 do I get my $300 Maryland annual report filing fee waived if I register with MarylandSaves?
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Businesses in Maryland are required to file their Annual Reports to the Maryland Department of Assessment and Taxation (SDAT) as part of their annual business tax filings. SDAT will waive its $300 annual report filing fee for every year a Maryland business signs employees up for MarylandSaves and employees use the program.
In order to be eligible to claim the filing fee waiver for calendar year 2024, your business must be enrolled in MarylandSaves (or offer another qualified plan) by December 31, 2023. Your business will then be eligible to claim the waiver when you file your 2023 annual report to the state.
The most reliable way to receive your filing fee waiver is to use one of the links below to register with MarylandSaves or certify that you offer another qualified plan and then file your 2024 Annual report with SDAT online. Our list of businesses that qualify for the 2024 fee waivers must be shared with SDAT by December 31, 2023, in order for them to have enough time to process the waivers.
If you have received an Access Code from MarylandSaves and want to enroll your business in MarylandSaves, click here to register and claim your Annual Report filing Fee waiver.
If you have received an Access Code from MarylandSaves and already offer a retirement plan, click here to claim your compliance with the new law and claim your Annual Report Filing Fee waiver.
If you DON’T HAVE an Access Code from MarylandSaves and already offer a retirement plan, click here to claim your compliance with the new law and claim your Annual Report filing Fee waiver.
- I already offer a 401(k) or similar plan to some employees but not all. Do I have to offer MarylandSaves program too?
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No, if you offer any employer-sponsored retirement plan to any of your employees, you meet Maryland’s requirement.
- Are employers required to make contributions to employees’ accounts?
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No. In fact, under current law employers are not permitted to make contributions.
- Does MarylandSaves charge employers any fees?
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No. There are no employer fees.
- How do I claim my $300 SDAT filing waiver?
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SDAT recommends that you file online for efficiency and accuracy. If you file online and are eligible for a waiver, you should see that your balance due is at $0. To determine if your business has been exempted from the 2024 Annual Report fee, please check the list of SDAT IDs compiled by MarylandSaves as approved for the fee exemption.
Please note: The 2024 waiver is only available to employers who registered, exempted their business, or requested an access code by December 1st, 2023.
For employers who did not take any of those actions by the deadline, you can register for MarylandSaves or exempt your business now to be eligible for 2025. If you have an access code, please register online here. If you do not have an access code, you can request an access code here.
- Am I eligible to receive the SDAT filing fee waiver for 2024 Annual Report?
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To determine if your business has been exempted from the 2024 Annual Report fee, please check the list of SDAT IDs that met the exemption criteria and have been approved for the fee exemption. You can also search for your business by the business name or SDAT ID with the Business Entity Search here.
If you have qualified, the last entry of the business listing will have "MarylandSaves: Y".
- What if my payroll company won't help me administer MarylandSaves?
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You can still offer MarylandSaves to your employees on your own with no complex administration — easily making it a part of your own payroll process. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.
- What if my payroll provider is stating they will charge a fee for remitting contributions with MarylandSaves?
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Whether you use a payroll provider or not, MarylandSaves does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.