MarylandSaves can help you save for your future.

MarylandSaves can help you save for retirement through automatic payroll contributions to your own Roth Individual Retirement Account (IRA). We call this your WorkLife Account. Setting up an account is easy, and you can decide how much to save.

Here’s how to save in your WorkLife Account

Save through your employer

If your employer participates in MarylandSaves, you can choose to:

  • Do nothing at all. You will be enrolled automatically with the standard savings and investment options 30 days after you’ve been added by your employer.

  • Customize your savings choices. You have the power to change your contribution levels, investment options, and beneficiaries. Sign in to your account and change your savings options here.

  • Opt out completely. Participation in MarylandSaves is voluntary for employees. You can opt out or re-enroll at any time.

Once enrolled, you’ll start saving a percentage of your paycheck automatically in your own WorkLife Account — a Roth IRA.

Save on your own

If you’re self-employed or don’t work for an employer registered with MarylandSaves, you can contribute directly to your own WorkLife Account. It’s easy and takes only a few minutes to get started:

  • Create an account. You'll just need your Social Security number, date of birth, and residential address.

  • Customize your savings choices. Set up automatic contributions from your bank account to your WorkLife Account, or choose the initial minimum contribution and select your investment options. Learn more about contribution limits.


Program eligibility

You’re eligible for an account if:

  • You are at least 18 years old

  • You get paid in Maryland

Deciding what to save

Deciding how much to save is up to you. You’ll have the flexibility to choose the savings rate and investment options that feel most comfortable to you. Need help? You can find a number of resources and tools designed to help you determine what investments are right for you.

You can also use our retirement savings calculator to experiment with different savings rates and see what fits your budget.

What to expect when you’re enrolled

If you were added by your employer and chose not to make changes to your account, after the 30-day opt out period you’ll be enrolled automatically with the default savings and investment elections:

  • 5% of your gross income (wages before taxes and other deductions) earned with your facilitating employer will be contributed to your account.

  • When you enroll, the first $1,000 of your funds will be invested in our Emergency Savings Fund — what we call our emergency savings feature. All contributions after the initial $1,000 will be invested in a default Target Retirement Date option based on your date of birth.

How to customize your WorkLife Account

Once you have set up your WorkLife Account by verifying your contact information and by acknowledging receipt of the account documents, you’ll have the power to:

  • Change your contribution rate

  • Change your investment choices

  • Designate beneficiaries (who will inherit your IRA in the event of your passing)

  • Manage your personal information

  • Make withdrawals

Can I opt out?

You can opt out of participating in MarylandSaves at any time online, by phone, or mailing in this form. If you opt out before the end of the 30-day notification period, no payroll deductions will be made on your behalf and your account will not be activated. If you opt out after 30 days, your employer will be notified to stop your payroll deductions, and any deductions that may have been made can be withdrawn. You can always rejoin the program and begin contributing to your account at any time by accessing your account online or by contacting our Client Service Team.

What does the program cost me?

MarylandSaves has an annual asset-based fee of approximately 0.18%. This means you will pay approximately $0.18 for every $100 in your account. There is also a $30 annual account fee (that is charged quarterly at $7.50 each quarter). These fees pay for the administration of the program and the operating expenses charged by the program administrator and the state — $24 to the program administrator and $6 to the state. In your first year of holding an account though, the state will waive their $6 portion of the fee and in the first 90 days of holding an account, the program administrator will waive $6 of their $24 annual fee (meaning your total annual account fee will be $18).

Still have questions? We’ve got answers in our FAQs.