MarylandSaves: does your business have to sign up, and by when?

If your Maryland business has been operating for at least two calendar years, has at least one employee over 18, uses an automated payroll system, and offers no qualified retirement plan, the state expects you to offer MarylandSaves.

The next deadline is December 31, 2026, for newly eligible businesses.

There is no fine. Registering, or claiming the waiver because you offer your own plan, by December 31 keeps your $300 annual report filing fee waived for the next year.

Deadline coming upMarylandSaves (also called Maryland Small Business Retirement Savings Program)

Who has to do this?

Under Maryland's small business retirement savings law (Labor and Employment §§ 12-401 to 12-403)6, a Maryland employer is covered when all of these are true:

  • You have been in operation for at least two calendar years. 1
  • You have at least one employee over 18. 1
  • You use an automated payroll system. 1
  • You don't offer a qualified retirement plan. 1

What a covered employer does: Register with MarylandSaves, enroll employees automatically and send their payroll contributions, or claim the waiver for offering your own plan. 2

When?

The next deadline is December 31, 2026, for newly eligible businesses.

MarylandSaves deadlines
WhoDeadlineWhat is due
Newly eligible businessesDecember 31, 2026Register, or claim the waiver if you offer a plan, to keep next year's filing fee waived 1

Registering and starting payroll contributions, or claiming the waiver for offering a qualified plan, by December 31 keeps the annual report filing fee waived for the next year. 2

What is MarylandSaves?

  • Payroll contributions go to each employee's own Roth IRA. The first $1,000 goes to an emergency savings fund. 3
  • The default rate is 5% of pay, rising 1% each year up to 10% unless the employee changes it. Employees can opt out at any time. 3
  • Employers do not contribute. 4

What if we already have a 401(k)?

  • Employers that offer a qualified retirement plan, such as a 401(k), 403(b), SEP, SIMPLE IRA or 457(b), are not required to register. 2
  • To keep the fee waiver, an employer with its own plan claims it every year on the MarylandSaves form with its EIN and SDAT ID, by December 31. 5

Your two options

Either one meets the requirement. The state program column is as the state describes it; which suits you depends on your business and your people.

Join MarylandSavesOffer your own plan
What you doRegister with MarylandSaves, enroll employees automatically and send their payroll contributions, or claim the waiver for offering your own plan. 2Claim the filing fee waiver each year on the MarylandSaves form, by December 31. 5
Where the money goesA Roth IRA for each employee 3Accounts in the plan you choose, such as a 401(k)
Employer contributionsNot permitted 4Up to you, within the plan's design
Fee to the employerNo employer fees, and the $300 annual report filing fee is waived for most businesses that take part or offer a qualified plan. 4Set by the provider you choose

What does it cost?

The state program: No employer fees, and the $300 annual report filing fee is waived for most businesses that take part or offer a qualified plan. 4

Your own plan: the provider sets the fees, and federal tax credits can cover part of the cost of starting one. See 401(k) tax credits for small businesses and our pricing.

What happens if we don't?

  • There is no fine. A covered employer that does not take part may lose the annual report filing fee waiver, which is $300 for most businesses. 6

General information, not legal advice. Rules change; confirm with the state program or your counsel.

Sources & Methodology
  1. Maryland Small Business Retirement Savings Board, MarylandSaves, Program details (employers). Read October 13, 2026.
  2. Maryland Small Business Retirement Savings Board, MarylandSaves, Employers. Read October 13, 2026.
  3. Maryland Small Business Retirement Savings Board, MarylandSaves, Program details (savers). Read October 13, 2026.
  4. Maryland Small Business Retirement Savings Board, MarylandSaves and the law. Read October 13, 2026.
  5. Maryland Small Business Retirement Savings Board, Claim your 2027 SDAT annual report filing fee waiver. Read October 13, 2026.
  6. Maryland General Assembly, Labor and Employment § 12-402. Read October 13, 2026.

Each statement is paraphrased or quoted from the source it cites. A link to a state agency does not mean the agency endorses alooola. Last verified October 13, 2026.

Get help with MarylandSaves in three steps

  1. Tell us about your business: your state, how many people work for you, and any plan you have now.
  2. An advisor talks it through with you and sends a written proposal with the fees, so you can weigh it against the state program.
  3. If you choose your own plan, we coordinate the setup with you and your payroll provider. You then certify your exemption with the state.
Request a proposal

Prefer to talk? Call (484) 275-5525, Monday–Friday, 9am–5pm ET.