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Do family members who work for my business count as employees?
Yes, they can participate if they are considered employees for tax purposes.
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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...
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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...
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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.
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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...
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Does MarylandSaves charge employers any fees?
No. There are no employer fees.
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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.
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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...
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Empleadores
Regístrese hoy Inscribirse es el primer paso sencillo para ayudar a sus empleados a ahorrar para su futuro y es obligatorio antes del 31 de diciembre. Para comenzar necesitará el código de acceso único que se le envió y su número de identificación del empleador (Employer Identification Number, EIN)...
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Employee Contribution Reminder email template