To all my fellow small business owners – I’m sure you’ve been hearing chatter recently about the new MarylandSaves retirement program that the state is rolling out and requiring participation.  So, I went ahead and did my research and I’m bringing you the quick and dirty synopsis.

Who is required to participate?  All Maryland employers that have been in business for at least 2 years, with 1 W-2 employee, and using a payroll service.

What if I already have a retirement plan for my employees?  You will still need to get into the MarylandSaves program online and certify that you have a retirement plan, but you won’t have to enroll your employees in MarylandSaves

Does it cost anything to my business?  No!  It looks like they make it pretty easy to enroll and they take care of all the administration to employees.  Most of the payroll services have also been reaching out to you, so they are aware and ready to set up deductions.

What do I need to do next?  Enrollment has not opened yet, so right now…nothing.  You will be receiving information either through email or snail mail with your login credentials.  The website says in September and I have seen September 15th thrown around, so you should probably see something any day now.

Bonus!  If you sign up for MarylandSaves or register that you already offer a retirement plan, you will get the $300 fee that you pay to the State Department of Assessments and Taxation for your annual report waived.  So, you’re actually saving money by registering!

I’ll be receiving this information for my own business, so as soon as I have more information I’ll be happy to share it.  So, don’t forget to follow me on Facebook, Instagram, or LinkedIn.