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  • 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.

  • Contact Us

    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: clientservices@marylandsaves.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.

  • 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...