MarylandSaves is a state-sponsored retirement savings plan which is available to the employees of participating Maryland businesses. This initiative was created to promote active saving habits for Maryland residents, and to provide a cost-effective retirement option for small business. While there is an annual filing fee of $300.00 which can be waived, this savings plan comes at no cost to the employer. This new form of retirement plan is exceptionally friendly for employees as it provides flexible and customizable savings options for individuals who have yet to establish a retirement savings plan.
Should my business register with MarylandSaves?
MarylandSaves was signed into state law by Governor Larry Hogan in 2016 and launched on September 6th, 2022. If your business fails to provide adequate access to MarylandSaves or another comparable savings plan, you are withholding necessary benefits from your employees. Your business is required by law to establish a 401(k) plan or register with MarylandSaves if:
- Your employees are paid through an automatic payroll system such as ADP, Paychex, or Remote Payroll
- Your business provides no retirement savings options for employees
- Your business has been in operation for two or more years
Deadline to Waive Filing Fee
The official deadline to apply for a fee waiver from the Maryland Department of Assessment and Taxation was December 1st, 2022.
If you have missed this deadline, you are still able to register your business with MarylandSaves, but you are no longer eligible to receive a filing fee waiver for 2023; however, you are still eligible to apply for a waiver in 2024.
If you have questions about MarylandSaves or creating a 401(k) plan, call Thatcher Law Firm to speak with one of our employment law experts.
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