Why does the program include an auto escalation of contributions?

MarylandSaves aims to improve access to retirement savings accounts for workers and improve outcomes when it comes time to retire. A savings rate of 5 percent is a good place to start, but employees may need to save more than 5 percent over time to achieve financial security in retirement. Research...

Will assistance be available in other languages?

Yes, the call center will offer assistance in English and Spanish and will have access to translation services for other languages. Certain materials may also be available in Spanish.

Will Maryland state income tax be withheld from my Roth IRA withdrawals?

If you are a resident in the state, Maryland income tax withholding applies only to the taxable portion of IRA distributions. Therefore, if your withdrawal is a qualified distribution there will be no income tax withheld. If your withdrawal is not a qualified distribution, then a minimum of 7.75%...

Will MarylandSaves contributions show up on my W2?

No. Instead, both you and the IRS will receive a different form, Form 5498, no later than May 31. You do not need to file this form with your taxes, but you should keep it with your tax records as documentation of your contributions for a particular tax year.

Withdrawal Request Form

Withdrawals

Can I take out my money? The simple answer: yes, if and when you need to take money from your account, you can simply make a withdrawal. Your WorkLife Account is legally a Roth Individual Retirement Account. It was designed to help you save for retirement over the long term so in many cases there...