Knowledge is power.
We empower our clients.

Get Started Now
<< Back to Helpful Tips

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.

Log In to Your Existing Account Get Started Now

Need assistance? Call 855.662.2121 or email

You are now leaving Jemma Financial

Yes, I would like to leave No, I would like to stay

Important Notice

You are now leaving the Jemma Financial Services website and will be entering the Charles Schwab & Co., Inc. (“Schwab”) website.

Schwab is a registered broker-dealer, and is not affiliated with Jemma Financial Services or any advisor(s) whose name(s) appear(s) on this website. Jemma Financial Services is/are independently owned and operated. [Schwab neither endorses nor recommends {Name(s) of Investment Management Firm(s)}, unless you have been referred to us through the Schwab Advisor Network®. (This bracketed language is for use by Schwab Advisor Network members only.)] Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with “Name(s) of Firm(s)” under which Schwab provides Jemma Financial Services with services related to your account. Schwab does not review the Jemma Financial Services website(s), and makes no representation regarding information contained in the Jemma Financial Services website, which should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.