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Can I connect more than one bank account or type of account?
Yes, you can connect more than one bank account as well as multiple types of bank accounts. Each account and type will need to be connected individually, but you can have both savings and checking accounts linked to their account at one time.
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Can I contribute a set dollar amount per paycheck instead of a percentage?
At this time, our payroll process is set up to process percentages only. If you’d rather contribute a fixed dollar amount each month, you can add a bank account to your WorkLife Account and contribute that way.
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Can I have a designated employee or payroll services provider complete the registration and enrollment process?
Yep. You can elect to add a “Teammate” as an administrator to your account to help facilitate the MarylandSaves program if you choose not to do it yourself. This could be an authorized employee or even staff from your payroll provider. Best of all, the program is designed to work seamlessly with...
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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.
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Can I make a tax-free rollover from a 529 (college savings) account to a MarylandSaves account?
Yes, beginning on January 1, 2024, you can make a tax-free rollover from a 529 college savings account to your MarylandSaves account (or to any qualified Roth IRA). The rollover must be to a Roth IRA account in the name of the 529 account beneficiary, not in the name of the account...
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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...
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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.
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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...
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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.
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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...