How is MarylandSaves different from plans like a 401(k) or an IRA?
The MarylandSaves WorkLife Savings Program was designed primarily for small businesses or non-profits that don’t have the resources or cannot afford the contributions required by traditional retirement plans. Traditional retirement plans generally involve employer contributions and fees as well as complex administrative and reporting requirements and impose fiduciary liability, all of which can keep some employers from offering employees any retirement savings plan at all.
MarylandSaves is different. It offers some of the best features of popular employer plans, but with few requirements and no employer costs.