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
- Contributions
- Eligibility
- Employer Registration
- Fees and Costs
- General
- Investments
- Linking Bank Accounts
- Saver's Credit
- Security
- Tax Forms
- Withdrawals
- Can my funds be taken by people I owe money to?
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Maryland law protects an IRA from attachment by creditors. However, for the Maryland law to apply, the account owner must have resided in Maryland for two years before declaring bankruptcy (with shorter periods for someone who hasn’t lived anywhere for two consecutive years.) If the account owner isn’t a Maryland resident, then the thaws of whatever state they live in would apply.
- Is my account safe from cyber threats?
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MarylandSaves has processes in place to protect the security of accounts and protect your personal information. Our program administrator uses various technologies to protect sensitive information in accordance with industry and regulatory standards, including encryption, two-factor authentication, and automatic logout after a specified period of inactivity.
- Is my personal information reported to government agencies to determine immigration status?
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No. Your information is not reported to immigration agencies or law enforcement. It is reported to the Internal Revenue Service for tax purposes.
- Could I lose money in my MarylandSaves investments?
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All investing – whether through MarylandSaves or anyone else – involves some risk, including the risk of losing some or even all of the money you invest. Except for the funds in your emergency savings fund, the value of MarylandSaves investments can and will go up and down depending on changes in securities markets and other factors.
You should know that your emergency savings funds are an exception: they are guaranteed by a major insurance company. So, for most people in MarylandSaves for the first year or so, their funds will be protected against market losses.
- Where can I change my password or set up multi-factor authentication?
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Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to do with your login credentials.