What Employers Need to Know About MarylandSaves

MarylandSaves launched state-wide in September 2022 and requires most Maryland employers to offer their employees some sort of retirement savings. This can be employer sponsored (i.e. traditional pension, a 401 (k) plan, a 403(b) plan, a SEP plan, a SIMPLE IRA plan, a governmental deferred compensation plan) or a WorkLife account from MarylandSaves.

What is the MarylandSaves Retirement Savings Program?

MarylandSaves is a retirement savings program that was created by Governor Hogan and the Maryland Legislature. MarylandSaves is funded by employee savings, which means there are no employer fees and employer contributions are not allowed. Employers have no fiduciary responsibility and employee participation is voluntary. Employee savings are deposited into their personal WorkLife account, which is a Roth IRA, administered by private sector financial services firms and overseen by a public board that includes the Maryland State Treasurer and Maryland’s Secretary of the Department of Labor.

Which Employers Should Register?

Employers are required to enact the MarylandSaves program if:

• Their business is registered to conduct business in the state of Maryland
• They have at least one W-2 employee
• They currently do not offer a retirement savings program to employees
• Their business was founded on or before January 1, 2021
• Their employees are paid through an automated payroll system

As a bonus, Maryland will waive the $300 annual filing fee every year for companies that participate in the MarylandSaves Retirement Program. Businesses that already have a retirement savings program in place can still qualify for the $300 waiver.

How Do I Register My Company?

You can enroll your company into the program in three easy steps: register, set up and update. Before enrolling, you will need a unique access code, which should have been sent to you via mail or email from MarylandSaves. If you did not receive your access code, you can obtain it by calling MarylandSaves at 410.403.2782. You will need this access code, along with your company’s federal Employer Identification Number (EIN), to register. Then, you will need to upload payroll and employee information into the system and submit your employees’ savings contribution levels. Once that is completed, you will just need to do basic ongoing account maintenance. This includes submitting your payroll details every pay period and keeping your employees’ payroll contributions and staff list up to date.

What Are Employers NOT Responsible For?

Employers have a limited role in facilitating MarylandSaves. Employers are not responsible for:

• Setting up employees’ retirement savings accounts. (This will happen automatically.)
• Helping employees choose investments and/or answering questions about MarylandSaves and its investment portfolios.
• Managing MarylandSaves investment options and/or processing employee investment accounts.
• Processing distributions from employee investment accounts.
• Managing employee investment account changes. Employees will be responsible for maintaining their account information and settings, if enrolled.

How Can Maryland Employers Who Already Offer a Retirement Plan Claim Exemption from MarylandSaves?

Maryland employers who already have a retirement plan are able to claim exemption from MarylandSaves by following the below steps:

1. Visit the website – https://www.marylandsaves.org/claim-fee-waiver/
2. Checkmark the box that says, “I certify that my business offers a qualified retirement program.”
3. Choose the type of plan from the list.
4. Enter your business name, address, federal EIN and State Department of Assessments and Taxation (SDAT) ID. Your employer contact name and email should be your name and email, so you receive the email confirmation of exemption. (NOTE: You can locate your SDATID either from page one of your Maryland PPT return or search for it online here.)
5. Number of employees is an estimate only.
6. Captcha can be any random two-digit number.
7. Submit.
8. Forward the confirmation email to your Brown Plus tax preparer, so we know there should be no filing fee.

After submitting, you will receive an email confirmation that your $300 SDAT filing fee has been waived for 2026. This is an annual process, so you must submit the exemption certification each year to receive the filing fee waiver.  The deadline to submit exemption for the 2026 waiver is December 31, 2025.

Additional Resources

MarylandSaves has online resources available 24/7 and call center support available weekdays from 9:00 AM to 6:00 PM ET to answer any questions regarding the program. There is also a Frequently Asked Questions page that explains the process more in-depth.

Contact your Brown Plus advisor if you have any further questions.

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