In September of 2022, MarylandSaves was launched by The Maryland Small Business Retirement Savings Program, which was authorized by House Bill 1378 in 2016.
The program requires most Maryland employers to offer their employees some sort of retirement savings.
Participation in MarylandSaves or another qualified retirement plan exempts the employer from paying Maryland’s $300 annual report filing fee for each year the business either participates in the program or certifies its exemption.
For businesses who enrolled in MarylandSaves, congratulations, you are already exempt from paying the annual fee. For businesses who offer another qualified retirement plan (such as a traditional pension, 401(k) plan, 403(b) plan, SEP plan, SIMPLE IRA plan, or governmental deferred compensation plan) you are also eligible for this fee waiver, but must certify your exemption by December 1, 2023 by going to:
Under “Certify your exemption without an Access Code”, click on the link “certify your exemption and claim your waiver here” to complete and submit your fee waiver request.
If you have questions or need assistance with certifying your exemption to claim the fee waiver, a Bormel, Grice & Huyett associate will be glad to assist you.