MarylandSaves applies to ALL Maryland employers with even one W-2 employee. The $250/employee penalty is among the highest in the nation. Baltimore-area compliance notices are going out now.
Get Your Free Maryland Compliance Audit →MarylandSaves is Maryland's state-mandated retirement savings program. MarylandSaves applies to ALL Maryland employers with even one W-2 employee. The $250/employee penalty is among the highest in the nation. Baltimore-area compliance notices are going out now.
Employers who already offer a qualifying private retirement plan — such as a 401(k), SEP IRA, or SIMPLE IRA — are exempt from MarylandSaves requirements.
Learn more at the official state portal: https://www.marylandsaves.com
Option 1 — Enroll in MarylandSaves: Register through the state portal and facilitate payroll deductions. This fulfills the mandate but doesn't maximize tax savings.
Option 2 — Set up a private plan (recommended): A qualifying 401(k), SEP IRA, or SIMPLE IRA exempts you from the mandate AND qualifies you for up to $15,000 in SECURE 2.0 Act tax credits over 3 years.
Key difference: A private plan belongs to your company. CalSavers/state plans do not. Private plans also attract and retain better employees.
The SECURE 2.0 Act (2023) gives small business owners massive tax credits for starting a retirement plan:
✅ Up to $5,000/year for 3 years for plan startup costs
✅ $1,000 per employee/year for employer contributions (up to 50 employees)
For many Maryland small businesses, this makes a private 401(k) free or nearly free — while exempting you from MarylandSaves requirements entirely.
Yes. Any Maryland employer with at least one W-2 employee must comply with MarylandSaves or offer a qualifying private plan.
$250 per eligible employee per year — one of the highest state mandate penalties in the country.
Offer a qualifying retirement plan (401k, SEP, SIMPLE). SECURE 2.0 credits can make this free or near-free for small employers.
Find out exactly what MarylandSaves means for your business — and whether a private plan saves you more money than enrolling in the state program.
Book Your Free 15-Minute Audit →