As a Maryland small business owner, you’re focused on building a successful company that’s engaged in your community. Part of growing your business involves attracting and retaining talented employees with easy-to-use and affordable benefits. We’re thrilled to offer a new state-sponsored retirement program that’s low cost, easy to administer, and puts control of each employees’ savings and retirement options in their hands.
Research indicates that a vast majority of Americans are excited about small business savings programs like the one we’re offering in Maryland. According to a November 2021 report by the National Institute on Retirement Security, “three-quarters of Americans (75%) say they would participate in state-facilitated retirement programs, consistent across party and generational lines.” MarylandSaves offers a simple and easy way for your employees to save for their future.
If you don’t already offer a workplace retirement program, here are a few reasons you’ll want to participate in MarylandSaves, for small businesses and those who make them great:
- It’s easy to get started – Employers have a very limited role; just distribute supplied information to employees, enroll employees in the program, set up the payroll deduction process, and remit participating employee contributions to the plan provider. If you work with a payroll company, they may be able to handle everything for you. You’ll be able to enroll your employees quickly and easily on our website when our program launches in September 2022.
- Employee funded – There are no employer financial contributions or MarylandSaves fees to employers. All administrative fees are paid from employee accounts.
- Fee waiver – If you facilitate the MarylandSaves program for your employees or offer another qualified plan, your annual report filing fee ($300 for most businesses), is waived each year you participate.
- Good for your business – Establishing a retirement plan will help attract and retain talented employees and lead to a more sustainable, productive workforce.