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How much am I allowed to save each year in MarylandSaves?
Contribution limits for IRAs are set by the federal government. For 2024, you can save up to $7,000 per year if you’re younger than 50 and $8,000 per year if you’re 50 or older, as long as you have earned at least that much. This contribution limit applies across all IRAs you may have (both...
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How will I know if my WorkLife Account is close to the annual IRA contribution limit?
MarylandSaves will monitor your account and notify your employer to stop contributions when you are nearing the limit. However, MarylandSaves will not have information on your contributions to another Roth IRA, or any other IRAs you may have. You should ensure that the total of all your retirement...
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How will I know when my contributions will auto escalate?
MarylandSaves notifies participating savers about auto-escalation prior to any increase.
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I already offer a 401(k) or similar plan to some employees but not all. Do I have to offer MarylandSaves program too?
No, if you offer any employer-sponsored retirement plan to any of your employees, you meet Maryland’s requirement.
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I’m self-employed. Can I set up my own MarylandSaves account?
Yes, if you are 18 or older, have earned income, work in Maryland, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.
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If a business owner or shareholder is also an employee, are they eligible to participate?
Yes, they can participate if they are considered employees for tax purposes.
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If being busy at work is good, then being very busy is even better, right? It depends.
If you own and run a small business, you know being “busy” can be a very good thing, if busy means demand is strong, and you and your team are being productive and meeting customer needs. Then it only serves to follow that if busy is good, then being very busy is even better, right? It can be. If...
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If I already have a retirement account, do I need MarylandSaves?
That depends. Many people have retirement savings accounts, but many who do still think they haven’t saved enough for a secure retirement. MarylandSaves offers the benefits of having a Roth IRA and also gives you an emergency savings feature, which most other retirement plans do not. Before...
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If I have employees in multiple states, including Maryland do I just facilitate the State's program for employees in Maryland?
Yes, you would need to facilitate the program only for employees with income in Maryland.
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If I offer MarylandSaves to my employees now and then decide to offer a qualified retirement plan later, what do I do?
Employers that choose to introduce a qualified retirement plan after enrolling employees in the MarylandSaves program should contact our client services team at 1-833-811-7437 and request to “unregister.” Our team will then take you through the necessary steps.