The Maryland Small Business Retirement Savings Program, which was authorized by House Bill 1378 in 2016, created MarylandSaves, which is set to launch in September of 2022.
MarylandSaves is a retirement savings program which requires most Maryland employers to offer their employees some sort of retirement savings. Businesses that have been in operation for at least two calendar years and have at least one W-2 employee are likely required to participate.
In September, businesses should receive an invitation from MarylandSaves, via mail or e-mail, with an Access Code to register. Upon entering the company’s EIN and the provided Access Code, companies will either self-certify that they already offer a qualified retirement plan (such as a traditional pension, 401(k) plan, 403(b) plan, a SEP Plan, a SIMPLE IRA, or a governmental deferred compensation plan), in which case they are exempt from participating, or they must enroll in MarylandSaves.
Participation in MarylandSaves or another qualified retirement plan exempts the business from paying Maryland’s $300 annual report filing fee for each year the business participates.
For more information about MarylandSaves, please visit https://marylandsaves.com/