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  • About Us

    MarylandSaves is a new workplace savings program, sponsored by the state of Maryland Small Business Retirement Savings Program. It’s a simple and seamless way to help Maryland employees save and plan for the future. Nearly one million private-sector employees in Maryland have no access to an...

  • Account Maintenance Form

  • Ahorristas

    ¡Es fácil empezar a ahorrar! ¡Ahora existe una forma fácil de ahorrar para emergencias y para la jubilación! El programa MarylandSaves es una forma flexible, segura y práctica de construir su futuro financiero. ¿Ya está inscrito? Configure hoy mismo su WorkLife Savings Account. Vea cómo funciona...

  • Am I eligible for the Saver's Credit from the IRS?

    The Saver's Credit is a federal tax credit you can get for making contributions to your retirement plan. It can be worth from 10% to 50% of your annual contributions, but the eligibility and conditions for the credit are complicated. For more information, visit the IRS website. You may also want to...

  • Am I eligible to receive the SDAT filing fee waiver for 2023 Annual Report?

    To determine if your business has been exempted from the 2023 Annual Report fee, please check the list of SDAT IDs that met the exemption criteria and have been approved for the fee exemption.

  • Are employers required to make contributions to employees’ accounts?

    No. In fact, under current law employers are not permitted to make contributions.

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

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

  • Are my employees who live in other states eligible for Maryland’s program?

    Yes, if their employment is based in Maryland.

  • Are there additional withdrawal restrictions beyond normal Roth IRA restrictions?

    No. The only withdrawal restrictions for MarylandSaves IRAs are those set by the federal government for any Roth or Traditional IRA. If you’re concerned, you can consult with a tax expert or financial advisor.

  • Are there income limits to participate in MarylandSaves?

    Yes. Most individuals who earn more than $144,000 per year aren’t legally allowed to contribute to Roth IRA accounts (the legal form of MarylandSaves WorkLife Accounts). If an individual’s income is between $129,000 and $144,000 the maximum annual contribution is reduced. If you want to make sure...

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MarylandSaves (the “Program”) is sponsored by the Maryland Small Business Retirement Savings Program (“MSBRSP” or “the Board”)  through Maryland Small Business Retirement Savings Program, Inc. (“MSBRSP”), an instrumentality of the State of Maryland. Vestwell State Savings, LLC (“Vestwell”), dba Sumday Administration (“Sumday”), is the program administrator. Sumday and The Bank of New York Mellon are responsible for day-to-day program operations. Information about MSBRSB and the program’s management and staff can be found at MarylandSaves.org. 

Under Maryland law, the Maryland Small Business Retirement Savings Board is a fiduciary with responsibility to act in the best interests of savers and in accordance with applicable law.

MarylandSaves’ investment options are selected by the MSBRSB. For more information on MarylandSaves’ investment options, go to MarylandSaves.com. Account balances in MarylandSaves will vary with market conditions, except for the Emergency Savings Fund which is invested in a guaranteed investment contract issued by The Lincoln National Life Insurance Company. Account balances are not guaranteed or insured by the MSBRSP, the State of Maryland, the Federal Deposit Insurance Corporation (“FDIC”) or other government organizations.

Participants who use MarylandSaves beneficially own and have control over their Roth or traditional Individual Retirement Accounts (“IRA”), as provided in the Program Description.

Participation by savers in MarylandSaves is completely voluntary. Saving through an IRA will not be appropriate for all individuals, and eligibility to contribute to a Roth IRA may be limited based on certain federal Internal Revenue Code income-based restrictions. Employer registration of employees with MarylandSaves is not an endorsement or recommendation of MarylandSaves, IRAs, or the investment options in the program. Contributing to a MarylandSaves IRA through payroll deduction offers some tax benefits and consequences. You should consult appropriate professional advice or consultation if you have questions related to taxes or investments.

The MarylandSaves name and the MarylandSaves logo are trademarks of the MSBRSP and may not be used without permission. 

Privacy: Your information is private and will never be sold to any third party. Information about privacy policies for savers and employers can be found here.

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