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Michael Riley, QKA®

MarylandSaves Developments

Michael Riley, QKA®

November 14th, 2022 | Written by

Earlier this year we reached out to let you know about MarylandSaves, Maryland’s new state-sponsored retirement program. This program requires Maryland employers that don’t already sponsor retirement plans to give their employees the opportunity to make Roth contributions from payroll through the MarylandSaves platform.

The 2016 legislation specified that it would apply to all employers that have been in operation for two or more years, have at least one W-2 employee, and use an electronic payroll system. Until recently, MarylandSaves has provided little else on how the program would be implemented or enforced. The platform came online just before the September 6th launch date with many unanswered questions. We’ve been watching developments closely in that time as the platform administrators have quietly fleshed out the details.

While no penalties currently exist for non-compliance, MarylandSaves provides both employers who participate in the program and employers who are exempt (because they already sponsor a plan) with a waiver of the $300 fee that the Maryland Department of Assessment and Taxation (SDAT) charges each year when business taxes are filed.

A notice from MarylandSaves to effected employers containing an “Access Code” for their website was meant to be the catalyst for wider rollout but regular calls to the organizations involved revealed that those letters have not gone out yet because the State of Maryland has not provided the program administrators with employer contact information. Coupling this with a recently announced December 1st deadline to either enroll or certify your exemption posed an obvious challenge to employers.

Though it has not been announced or actively promoted by the state or program administrators, on the morning of November 2nd, the MarylandSaves website was updated to allow employers to certify their exemption without those Access Codes. If your company is already sponsoring a plan you can now select “I already offer a qualified retirement program to my employees” from the dropdown menu at and input your company information to certify your exemption.

We’re All In

While it is almost guaranteed that MarylandSaves will continue to make adjustments to their program, this week’s development is encouraging in that it will allow employers to qualify for the $300 fee waiver safely ahead of the December 1st deadline. Please let us know if you have any questions on these developments or to confirm that your company’s benefits qualify you for the exemption by contacting us at (410) 363-7211 or by sending us a message in the box below.

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    This information is intended for educational purposes only. It is not intended to provide any investment advice or provide the basis for any investment decisions. You should consult your financial advisor prior to making any decision based on any specific information contained herein.

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