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  • Which businesses are eligible to participate in MarylandSaves?

    Any Maryland business can participate in the MarylandSaves Workplace Savings Program. The state requirement applies to businesses that have been in operation for at least 2 calendar years, have at least one W-2 employee, and use an automated payroll system. Sole proprietors and contract (1099)...

  • Who administers the program?

    The Maryland Small Business Retirement Savings Program has selected Vestwell State Savings, LLC, dba Sumday Administration, as the program’s new administrator. Vestwell State Savings, LLC is a wholly owned subsidiary of the Vestwell Holdings Inc. Sumday is an experienced retirement and college...

  • Who is responsible for choosing the available investment options?

    The Maryland Small Business Retirement Savings Program, whose members are chosen by the Governor and the Legislature, are responsible for operating the program and choosing its administrators and investment options. They have done so after consulting with various experts and comparing multiple...

  • Who is responsible for choosing the investment options for participants?

    The Maryland Small Business Retirement Savings Program is responsible for making decisions about the investment options available to participants of the program. Individual savers can choose among those options. Employers aren’t responsible either for the options or for their employees’ choices.

  • Whom can I contact if have an issue related to the program or have more questions?

    You can find many answers to program details here, or you can call our helpful and knowledgeable account representatives at 1-833-811-7437, Monday – Friday, 9 a.m. – 6 p.m. ET.

  • 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