Search

Enter a keyword to search the entire website. Common search terms include account access, form information, contact details, etc.

  • 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...

  • What to do with IRS Form 5498?

    This document does not need to be filed with your taxes. Once you obtain Tax Form 5498, keep it for your records.

  • What type of bank accounts can I add to my account?

    You can connect a checking or savings account. These types of accounts use Automated Clearing House (ACH) transfers, which are a fast and efficient way to electronically move funds from one account to another.