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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...
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Account Maintenance Form
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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...
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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...
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Am I eligible to receive the SDAT filing fee waiver for 2024 Annual Report?
To determine if your business has been exempted from the 2024 Annual Report fee, please check the list of SDAT IDs that met the exemption criteria and have been approved for the fee exemption. You can also search for your business by the business name or SDAT ID with the Business Entity Search...
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Are employers required to make contributions to employees’ accounts?
No. In fact, under current law employers are not permitted to make contributions.
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Are employers responsible for telling employees when contributions will auto escalate?
No. MarylandSaves will notify participating employees about auto-escalation prior to any increase.
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Are my employees who live in other states eligible for Maryland’s program?
Yes, if their employment is based in Maryland.
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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.
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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...