As a reminder for Maryland employers, the State of Maryland launched the MarylandSaves program last year. The program is designed to encourage saving for retirement and provide a retirement savings plan to those employers who do not already have one. The law requires businesses to participate in this program if they have been in operation for at least two calendar years, have at least one W-2 employee, do not provide a retirement savings option to their employees, and use an automated payroll system. There is no cost to the employer and employers do not contribute to the program.
If an employer participates in the program or offers another retirement savings program, its annual state business filing fee of $300 will be waived. Fee waiver requests received before December 1, 2023 will be eligible for the 2024 fee waiver. Although the law requires participation by covered employers, the penalty for failing to participate is that the filing fee will not be waived.
Employers can visit the FAQs and other resources on the program's website, or call a helpline at 1-833-811-7437 for more information. If you have any questions about this Alert, we encourage you to contact your Shulman Rogers attorney for solutions and recommendations for addressing these issues.
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