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To determine if your business has been exempted from the 2023 Annual Report fee, please check the following list of SDAT IDs that met the exemption criteria and have been approved for the fee exemption. View the list

  • Contributions

    The standard contribution rate The standard savings rate for a WorkLife Account is 5% of your gross pay (the amount you earn before taxes), and that amount is deducted from each paycheck. Standard annual increase Unless you choose otherwise, your savings rate will go up automatically by 1% each...

  • Could I lose money in my MarylandSaves investments?

    All investing – whether through MarylandSaves or anyone else – involves some risk, including the risk of losing some or even all of the money you invest. Except for the funds in your emergency savings fund, the value of MarylandSaves investments can and will go up and down depending on changes in...

  • Could joining MarylandSaves impact my eligibility for college financial aid?

    Generally, not while your money stays in your account. Withdrawals from IRAs can affect financial aid for the year following the withdrawal but in general retirement accounts are not counted towards federal financial aid. Of course, to be sure, you can consult with a tax expert, financial advisor,...

  • Could joining MarylandSaves impact my eligibility for federal programs like SNAP or TANF?

    In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.

  • Do employees need to fill out paperwork to enroll or make changes?

    No. Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are paper forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer...

  • Do employers have to sign their employees up for MarylandSaves?

    NO, but MarylandSaves offers a way to meet the State’s requirement at no cost to employer.  Under Maryland law, most* Maryland employers will soon be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP plan, a...

  • Do family members who work for my business count as employees?

    Yes, they can participate if they are considered employees for tax purposes.

  • Do I have to do anything to join MarylandSaves?

    No. Once your employer signs you up, you’ll be enrolled automatically, and savings will be deducted from your paycheck automatically and put in your personal WorkLife Savings Account a month later. Unless you direct otherwise, your money will be invested first in emergency savings and then in a...

  • Do I need to facilitate the program if I only have a few of employees?

    The Maryland requirement applies to any Maryland business that has even one W-2 employee IF they use an automated payroll system and have been in operation for at least two years. You can satisfy this requirement by using MarylandSaves or any other form of qualified retirement plan.  Qualified...

  • Do I need to offer the program to work-study students?

    Nope. The State’s requirement does not apply to full-time students in work-study programs.

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MarylandSaves (the “Program”) is sponsored by the Maryland Small Business Retirement Savings Program (“MSBRSP” or “the Board”)  through Maryland Small Business Retirement Savings Program, Inc. (“MSBRSP”), an instrumentality of the State of Maryland. Vestwell State Savings, LLC (“Vestwell”), dba Sumday Administration (“Sumday”), is the program administrator. Sumday and The Bank of New York Mellon are responsible for day-to-day program operations. Information about MSBRSB and the program’s management and staff can be found at MarylandSaves.org. 

Under Maryland law, the Maryland Small Business Retirement Savings Board is a fiduciary with responsibility to act in the best interests of savers and in accordance with applicable law.

MarylandSaves’ investment options are selected by the MSBRSB. For more information on MarylandSaves’ investment options, go to MarylandSaves.com. Account balances in MarylandSaves will vary with market conditions, except for the Emergency Savings Fund which is invested in a guaranteed investment contract issued by The Lincoln National Life Insurance Company. Account balances are not guaranteed or insured by the MSBRSP, the State of Maryland, the Federal Deposit Insurance Corporation (“FDIC”) or other government organizations.

Participants who use MarylandSaves beneficially own and have control over their Roth or traditional Individual Retirement Accounts (“IRA”), as provided in the Program Description.

Participation by savers in MarylandSaves is completely voluntary. Saving through an IRA will not be appropriate for all individuals, and eligibility to contribute to a Roth IRA may be limited based on certain federal Internal Revenue Code income-based restrictions. Employer registration of employees with MarylandSaves is not an endorsement or recommendation of MarylandSaves, IRAs, or the investment options in the program. Contributing to a MarylandSaves IRA through payroll deduction offers some tax benefits and consequences. You should consult appropriate professional advice or consultation if you have questions related to taxes or investments.

The MarylandSaves name and the MarylandSaves logo are trademarks of the MSBRSP and may not be used without permission. 

Privacy: Your information is private and will never be sold to any third party. Information about privacy policies for savers and employers can be found here.

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