Get answers to frequently asked questions

Maryland’s new state-sponsored retirement savings program is open right now. It was created to help nearly one million Marylanders who work but don’t have access to employer-sponsored retirement plans. We understand you’ll have questions. Here are the answers to some frequently asked questions. If you have additional questions, we’re here to help.

How is savings with MarylandSaves different than saving with 401(k) or an IRA?

The program is designed to pull together some of the best features of popular employer plans and IRAs. We’re helping to lower barriers like complex administration and high costs that may keep employers from offering a successful retirement savings plan to their employees. With MarylandSaves, employers just facilitate the program – there is no cost to them.

Where can I find a copy of the MarylandSaves program rules?

The MarylandSaves retirement savings program rules are detailed here.

Is there a minimum age to participate in the program?

Yes, the minimum age to enroll in MarylandSaves is 18.

Where should I turn if I have an issue or concern with a MarylandSaves WorkLife Account?

We're always available to answer any questions or concerns you may have. Whether you want to call, email, or send us something by mail, you can get our contact information here.

What is auto escalation?

Auto escalation is a standard feature of the MarylandSaves workplace savings program. Your contribution amount will increase by 1 percent in January of each year until a maximum of 10 percent is reached. You can opt out of auto escalation at any time.

How will I know when my contributions will auto escalate?

MarylandSaves notifies participating savers about auto-escalation prior to any increase.

Why does the program include an auto escalation of contributions?

MarylandSaves aims to improve access to retirement savings accounts for workers and improve outcomes when it comes time to retire. A savings rate of 5 percent is a good place to start, but employees may need to save more than 5 percent over time to achieve financial security in retirement. Research shows that people are far more likely to save more if their retirement plan includes automatic increases.

Can I opt out of automatic contribution increases?

Yes, you can opt out of automatic contribution increases at any time online or by phone. Just visit the “Settings” section of your account.

Are employers responsible for telling employees when contributions will auto escalate?

No. MarylandSaves will notify participating employees about auto-escalation prior to any increase.

Is there a minimum retirement age for MarylandSaves?

There is no minimum retirement age associated with the program. There is a federal tax penalty for withdrawing any investment earnings from a Roth IRA before age 59½, unless it’s for a qualifying reason. Please consult with a tax expert or financial advisor.