Maryland Small Business Retirement Savings Program
Financial Services - Hunt Valley, MD, US
Maryland Small Business Retirement Savings Program Employees
Maryland Small Business Retirement Savings Program Details
The Maryland Small Business Retirement Savings Program (MarylandSaves) was designed by a legislative commission, then signed into law by Governor Hogan in 2016. Under the Program, Maryland businesses that do not offer some form of workplace retirement savings will be required to offer their employees automatic enrollment in a personal payroll-deduction Individual Retirement Account (IRA). The Maryland Program will arrange for a selection of privately-managed investment options, with a default option if an employee doesn't want to choose. Anyone who is automatically enrolled may choose a different contribution rate or opt out of the program entirely. The Program is expected to start operations sometime in late 2021. Although created by the State, which is lending startup funds, the Program is intended to be self-financing from fees collected on the funds invested in the IRAs.The Program is overseen by a board whose members include the Maryland State Treasurer, the Secretary of Labor, Licensing, & Regulation, and 3 members each appointed by the Governor, the President of the Senate, and the Speaker of the House of Delegates.
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