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.
- Account Access
- Employer Registration
- Fees and Costs
- Linking Bank Accounts
- Saver's Credit
- Tax Forms
- What does the program cost? Is there a fee for participating in MarylandSaves?
Yes. MarylandSaves WorkLife Savings Accounts are set up to cost less than bank accounts or other retirement savings accounts, but they do have fees. In the first year, your account will cost $22.50 plus about 18¢ for each $100 you save. (That’s because MarylandSaves and the program administrator are waiving some fees when your account starts up.) After that, your account will cost $30 per year plus from 18¢ to 85¢ per $100, depending on how much of your money is in emergency savings and how much in other options. Emergency savings don’t have any additional asset-based fee. More information on fees can be found here.
These fees cover the administrative costs associated with the program, such as the cost of maintaining your account, oversight of the program’s investments, providing customer service, keeping records, online and phone services, and the operating expenses of the underlying investment funds in which the investment options are invested.