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  • 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.

  • Do I need to report contributions on my employees’ W2s?

    No. The MarylandSaves program is structured as a payroll deduction IRA and not as a traditional retirement plan that needs to be reported on your employees’ W2s. The IRA trustee for the MarylandSaves program will file “Form 5498, IRA Contributions Information” with the IRS (as needed for your...

  • Does MarylandSaves charge employers any fees?

    No. There are no employer fees.

  • Does MarylandSaves have printed or electronic materials to help my employees understand the benefits?

    Yes. There are educational materials your employees can access on our website.

  • Does the program provide information and consumer protections to savers?

    Yes, MarylandSaves helps ensure that employees have more choices, more information, and easier access to retirement savings accounts. The MarylandSaves Board are legally fiduciaries obligated to protect savers’ interests. Consumer protections are included in the program and may be enforced by...

  • Empleadores

    Regístrese hoy Comience el proceso de inscripción aquí. Inscribirse es el primer paso sencillo para ayudar a sus empleados a ahorrar para su futuro y para ahorrarle a su empresa $300 el 15 de abril. Para comenzar, necesitará el código de acceso único que se le envió y su número del State Department...

  • Employee Fact Sheet

  • Employee Fact Sheet en español

  • Employer Fact Sheet

  • Employer Fact Sheet en español

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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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