MarylandSaves: What Business Owners Need to Know
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As a Maryland business owner, you may have heard about MarylandSaves—and you might be wondering whether it applies to you. This state program was designed to expand retirement savings opportunities for your employees while also introducing new considerations for your business.
Here's what you need to know about how the program works, whether your business may be required to participate, and why it could be worth considering even if you’re exempt.
What Is MarylandSaves?
MarylandSaves is a state-sponsored retirement savings program for private-sector employees who may not have access to an employer-sponsored retirement plan.
For your employees: The goal is to help them easily save for retirement through automatic payroll deductions.
For you as an employer: It can be a simple yet effective way to offer a valuable benefit—without the cost or complexity of managing your own retirement plan.
Who Does It Apply To?
MarylandSaves applies to businesses that meet all four of the following criteria:
You've been in business for at least two calendar years
You have at least one W-2 employee
You use an automated payroll system
You don't currently offer a qualified retirement plan (401(k), SIMPLE IRA, SEP IRA, etc.)
If one of these doesn't apply, your business may be exempt—but you can still choose to participate voluntarily.
How It Works
Automatic Enrollment
Eligible employees are automatically enrolled at a default 5% contribution rate, though they can adjust their contribution or opt out at any time. Contributions are made to Roth IRAs, meaning your employees pay taxes now, but can enjoy tax-free growth and withdrawals later.
Simple Payroll Integration
Contributions are deducted from your employees’ paychecks and remitted to MarylandSaves through your existing payroll system—similar to other standard withholdings.
Employee Ownership
Each employee fully owns their individual account and can take it with them if they change jobs.
Next Steps
Once you’ve confirmed whether your business meets the required participation criteria, you can:
Register at the MarylandSaves website
Notify your payroll provider—most major systems already integrate with the program
Communicate with your employees about this new benefit
Set reminders for future contribution submissions
The Bottom Line
MarylandSaves was designed with small business owners like you in mind. If you're unsure whether your business is required to participate—or whether offering your own retirement plan makes sense—talk to a D&S advisor to review your options.