Under Maryland law, most Maryland employers are now required to offer their employees access to retirement savings.*
Employers who already offer a qualified retirement plan or register and submit payroll contributions before December 31 will earn a $300 SDAT annual report filing fee waiver starting the next year.†
MarylandSaves is available for:
Maryland workers whose employers do not offer a workplace retirement plan
Self-employed individuals
Others who want an easy way to save in a Roth Individual Retirement Account (IRA) they can take wherever their career leads
Great benefits to help you succeed
Employer benefits
Be competitive by offering a great benefit to your employees that many small businesses don’t
There’s no cost for employers to register and no employer contributions to make
Getting started is fast, easy, and secure
Works seamlessly with any payroll process
Stay competitive by offering a great benefit to your employees
You save $300 a year in waived state annual report filing fees
Saver benefits
Have money when you need it, for emergencies and when you retire
You’re in control of how much you contribute each month
Paycheck contributions have the potential to grow over time
Your account stays with you through career changes without complicated rollovers
Participation is voluntary — stay enrolled or opt out and rejoin whenever you want
A message from Comptroller Brooke E. Lierman
Financial security is a growing concern!
In a recent study, one in four Americans said they had no retirement savings.¹
References
* This applies to businesses that have been in operation for at least 2 calendar years, have at least one employee,over the age of 18 years old, and use an automated payroll system.
† The $300 annual report filing fee for entities doing business in Maryland is waived for registered employers and those who have a qualifying retirement savings program in place. Md. Code, Corporations and Associations Art., § 1.203(b)(3)(ii), (13).
1. Your Evening Briefing: One in Four Americans Have No Retirement Savings,” Bloomberg, 17 April 2023. https://www.bloomberg.com/news/newsletters/2023-04-17/bloomberg-evening-briefing-one-in-four-americans-have-no-retirement-savings.