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What You Need to Know About MarylandSaves

The State of Maryland is mandating that employers offer access to a retirement plan in 2023.

Here are the top 5 takeaways from Jemma Financial’s webcast on MarylandSaves, Maryland’s new state-sponsored workplace retirement savings program.

  1. Nearly one million private-sector employees in Maryland have no access to an employer-sponsored retirement savings plan.
  2. If your company meets the following requirements, it must offer a retirement savings plan to employees or enroll in MarylandSaves.
    • Have at least one W2 employee
    • Been in operation for at least 2 calendar years
    • Use an automated payroll system
  3. Eligible employees will be automatically enrolled at a 5% contribution rate with a 1% annual increase until it reaches 10%, unless they opt out.
  4. Businesses that enroll before December 1 will be eligible to claim the filing fee waiver for calendar year 2023 on their 2022 tax filing.
  5. Employers must register with their State Department of Assessments and Taxation (SDAT) number and access code.

It’s important to know the details and impact this program may have on your business and employees. There are options available that may be less expensive, offer more investment flexibility and provide ongoing education and support for your employees.

Let’s talk. At Jemma Financial, we help companies get the most out of their employer-sponsored retirement plan and satisfy the Maryland mandate.

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