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MarylandSaves program launch

The Maryland Small Business Retirement Savings Program and Trust Act (“Act”) which was codified in 2016, required that the state, through an appointed Board, establish a Small Business Retirement Savings Program (“Program”). As of September 15, 2022, the Program was finally launched. All employers in the state of Maryland shall now be required to either participate in the MarylandSaves state sponsored retirement Program or establish another qualified retirement savings plans for all eligible employees.

The Maryland Act applies to all business operating in the state of Maryland that meet the following criteria: i) pays employees through a payroll system or service, ii) have been in operation for two years or more; and iii) do not currently offer, or have not offered within the past 2 years, an employer-sponsored retirement savings plan.

All employers subject to the Act, and who do not otherwise offer a retirement savings plan to its employees, shall be required to automatically enroll all employees in the Program unless the employee opts out of the Program. Under the Act, employers have no payment obligations, no federal reporting requirements, and will pay nothing for the Program.

All businesses that register for the Program may receive a $300 waiver of the Maryland business annual filing fees. To qualify for a waiver for the 2022 calendar year, employers enroll in the Program or another qualified plan by December 31, 2022.

For more information and to register for the Program go to the following website: Home - MarylandSaves

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