Can I have a WorkLife Account plus another retirement savings plan?
Yes. Many people have more than one retirement account and you can contribute to more than one savings plan or account at a time. However, the federal tax code limits the total contributions you can make for all Traditional and Roth IRAs you own.
Can I make withdrawals?
The simple answer: Yes, if and when you need to take money from your account, you can simply make a withdrawal. However, in some instances you should understand that there could be a small cost that you will pay on your next year’s tax return. MarylandSaves itself doesn’t charge any administrative...
Can I opt out of automatic contribution increases?
Yes, you can opt out of automatic contribution increases at any time online or by phone. Just visit the “Settings” section of your account.
Can I roll over another plan’s money into my MarylandSaves account?
Yes, you can, but please consult with a tax expert or financial advisor before making any changes, to better understand any steps to take and restrictions that may apply. Rollovers from pre-tax retirement plans like 401(k)s and 403(b)s will be taxed to convert them from pre-tax to post-tax status...
Can I transfer my MarylandSaves money into another retirement savings account?
Money in your Roth IRA can be transferred or rolled into another Roth IRA only. You should consult with a tax expert or financial advisor first.
Can my employer or the State of Maryland take the money from my WorkLife Savings Account?
No. The money is yours, and only you can access your savings. Your contributions are remitted directly to MarylandSaves on your behalf and are credited directly to your personal WorkLife Account. The State cannot access your account for other purposes and your account is not tied to any other...
Can my funds be taken by people I owe money to?
Maryland law protects an IRA from attachment by creditors. However, for the Maryland law to apply, the account owner must have resided in Maryland for two years before declaring bankruptcy (with shorter periods for someone who hasn’t lived anywhere for two consecutive years.) If the account owner...
Can the State use money from this program to pay for other programs?
No. Employees’ contributions go directly to the MarylandSaves WorkLife Accounts in their names in funds that, by law, are managed by private investment firms. The State has no involvement with these funds and there is no connection to other retirement plans offered by the State for state employees.
Have questions? Contact us. By phone: You can give our support team a call, Monday — Friday, 9 a.m. — 6 p.m. ET. Employer assistance: 1-833-811-7437 Saver assistance: 1-833-811-7438 By email: email@example.com By mail: MarylandSaves P.O. Box 534486 Pittsburgh, PA 15253- 4486
Contribution State IRA Template
Payroll providers have an option to bulk upload employee payroll files or to enter the employee information manually. To ensure that you have all of the required employee information in advance, please use this template.