Maryland Saves to launch in early September 2022

The Maryland Small Business Retirement Savings Program and Trust, designed to create a mandate for certain private-sector employers in the state to establish a retirement savings plan for eligible employees, was passed in May 2016 and took effect July 1, 2016.  The program will launch in early September 2022.

As stated in the bill's fiscal note, "Covered employers” are nongovernmental for-profit and nonprofit employers in the State that (1) pay employees through a payroll system or service; (2) have been in business for at least the last two years; and (3) do not currently offer, or have not offered in the previous two years, an employer-offered savings arrangement. Employers may elect to establish alternative savings arrangements for their employees rather than participate in the program; participation in the program does not create a fiduciary obligation of the employers who do so. Specifically, employers are not liable for an employee’s decision to participate or to opt out of the program or for their investment decisions, and they are not responsible for program design, administration, investment, or performance.

Employers may visit www.MarylandSaves.org for more information on the program.  Click here to sign up for updates from Maryland's Retirement and Savings Program.