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  • What about market volatility?

    Investing for your retirement means setting a long-term goal to grow your savings. Investments will fluctuate — there’s no way to time your investment activity only to benefit from positive gains. Your MarylandSaves WorkLife Account offers investment options with various risk levels. Choose the...

  • What are the opt-out and opt-in rules for MarylandSaves?

    You can opt out at any time online, by calling 1-833-811-7438, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.

  • What do employees need to do after I enroll them?

    Your employees will receive information directly from the MarylandSaves program. If they do not opt out of the program within 30 days, they will be enrolled automatically, and their deductions should be included your payrolls after that date. If they choose to opt out, they will be removed...

  • What does automatic enrollment mean?

    It means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and their payroll contributions will start. Employees who are automatically enrolled in the program will have the default contribution settings elected.

  • 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...

  • What happens if I opt out?

    You can opt out at any time. If you opt out within the 30-day period after the program notifies you about being enrolled, no payroll deductions will be made from your paycheck, and your account will not be activated. If you choose to stop participating after contributions have begun, payroll...

  • What happens to my account if I change employers?

    Your WorkLife Account belongs to you. Your money remains in your retirement savings account under your control. If your new employer facilitates the program, MarylandSaves will notify you and payroll contributions will begin at your new job. You can also opt out at any time. If your new employer...

  • What happens to my account if I move out of state?

    Your MarylandSaves WorkLife Account belongs to you. If you continue to work for an employer that facilitates the MarylandSaves program, you can continue to participate and continue payroll contributions. If a new employer doesn’t facilitate the program, you can make contributions directly from your...

  • What happens to my money if I die with no named beneficiaries?

    If you die and have no named beneficiaries, the account will be payable to your estate under the terms of the IRA. Accounts that become unclaimed property will be subject to applicable law.

  • What if an employee already has a MarylandSaves account through another employer?

    No worries. Just provide basic information about the employee, and MarylandSaves will use the information to direct new contributions to the employee’s existing account.