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  • What if an employee asks me for advice about the program or its investment options?

    The MarylandSaves program is designed to enable businesses to make savings available to their employees without the employer becoming legally responsible for either the decision to participate or the investment results. State law provides that employers should not advise or discuss with their...

  • What if my payroll company won't help me administer MarylandSaves?

    You can still offer MarylandSaves to your employees on your own with no complex administration — easily making it a part of your own payroll process. Watch this video to see how facilitating the program involves minimal steps and allows you to focus on your business.

  • What if my payroll provider is stating they will charge a fee for remitting contributions with MarylandSaves?

    Whether you use a payroll provider or not, MarylandSaves does not charge a fee to remit contributions. If your payroll provider will charge you a fee for helping you facilitate the program, you can easily administer it on your own. Watch this video to see how facilitating the program involves...

  • What is a Roth IRA?

    A Roth IRA is a type of retirement account that helps you reduce your taxes once you retire. While you’re working, you pay your usual income tax on the money you earn and deposit some of your after-tax earnings it into your Roth IRA. Your Roth IRA earns money (interest or dividends), and that money...

  • What is auto escalation?

    Auto escalation is a standard feature of the MarylandSaves workplace savings program. Your contribution amount will increase by 1 percent in January of each year until a maximum of 10 percent is reached. You can opt out of auto escalation at any time.

  • What is considered to be a qualified, employer-sponsored retirement plan?

    An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA...

  • What is Form IRS Form 5498?

    If you make a contribution to your IRA, IRS Form 5498 is a tax form that you will receive. This form details all of the contributions you made throughout the tax year to your account. The 5498 tax form reports Roth and traditional IRA contributions. To ensure that you properly handle matters on...

  • What is the IRS Form 1099-R form?

    If you make a withdrawal from your IRA, you will receive IRS Form 1099-R, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. If you take money out of your retirement account for any reason, you’ll get Form 1099-R. A 1099-R form is called the...

  • What is the standard contribution rate?

    The standard contribution is 5% of your gross income (which is the total amount you make in your paycheck before any taxes or deductions are taken out). You can choose to save more, or less, in 1% increments.

  • What is the Target Retirement Date option?

    A Target Retirement Date option is an age-based investment option designed to help manage investment risk and is based on two factors: an investor’s current age and approximate estimated retirement date. This type of option includes a mix of investments — stocks, bonds, and cash equivalents — that...