Mid-Atlantic Health Law TOPICS
New MarylandSaves Retirement Program
On September 15, 2022, Maryland launched the Maryland Small Business Retirement Savings Program.
MarylandSaves requires Maryland employers (and employers elsewhere with Maryland employees) to sign up for the program and offer eligible employees the opportunity to establish MarylandSaves retirement accounts, funded via payroll deductions.
Employers are asked to sign up through the MarylandSaves.com website. For each year that an employer participates in the Maryland Saves program, Maryland will waive the $300 filing fee that otherwise must accompany the employer’s annual report.
A Maryland employer that sponsors a retirement plan for employees is not eligible to participate in the program, but is eligible for the $300 filing fee waiver. However, an employer had to sign up for MarylandSaves or certify that it maintains a retirement plan by December 1, 2022, to obtain the filing fee waiver for the annual report due in April 2023.
Theodore P. Stein
410-576-4229 • tstein@gfrlaw.com