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Maryland401k.com is a private alternative to Maryland Saves, providing a low-cost and easy solution for employers to start a 401(k) plan with features like payroll integration, index funds, employee education, and a company match. Start-up 401(k) plans are also eligible for increased federal tax credits.
MarylandSaves" is a state-mandated retirement savings program designed to help small businesses in Maryland offer retirement savings options to their employees. The program is part of a broader initiative to address the retirement savings crisis in the United States by making it easier for workers to save for retirement.
Under the program, employers who do not already offer a qualified retirement plan are required to facilitate MarylandSaves, which operates as a payroll-deduction individual retirement account (IRA) program. Employees are automatically enrolled in the program but have the option to opt-out or adjust their contribution levels.
The goal of MarylandSaves is to increase access to retirement savings options for Maryland workers, particularly those who work for small businesses that may not have the resources to offer traditional retirement plans like 401(k)s. https://marylandsaves.com/
We will provide a sign-up form on our website once we launch. Keep an eye out for it!
We charge a flat dollar amount based on the number of people in the plan. You can use our quoting tool to find out what your cost will be.
Getting a quote is easy! All we need is the number of employees in your company. For a tax credit estimate, we'll also need to know how many employees are highly compensated and non-highly compensated, as well as the average salary for each group.
Yes, you may be eligible for tax credits when you set up a 401(k) plan.
The SECURE 2.0 Act, passed in December 2022, offers expanded tax credits to small employers to encourage them to start new retirement plans, including 401(k) plans. Small employers with 50 or fewer employees are eligible for a tax credit equal to 100% of the eligible startup costs, up to a maximum of $5,000 per year, for a period of three years. This means eligible employers can potentially receive a total credit of up to $15,000 over three years.
Additionally, small employers with up to 100 employees that add an automatic enrollment feature to their new or existing retirement plan can receive an additional tax credit of $500 per year for a period of three years, totaling $1,500.
As always, we recommend consulting with a tax professional to understand how the SECURE 2.0 Act applies to your specific situation.
Participants in the plan will have access to a real person who can answer financial questions, as well as a custom enrollment video for your plan.
Yes, our 401(k) plans allow for employer matching, giving you the flexibility to choose the best option for your business.
The process is simple. To get started, contact us for a quote, and we'll guide you through the rest of the process. Our goal is to make the process as easy as possible.
YES. Currently, Maryland 401k is being marketed to companies in Maryland, but we can work with plan sponsors in any state.
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