You have the ability to exempt your business after you have started your registration if you started the process in error.
If you have set a username and password for MarylandSaves but do not need to facilitate the program or are no longer in business, you must call our service team at 1- (833)-811-7437 to update your business status to exempt or terminated. This is an important step to avoid being notified about potential enforcement action from the state.
When you call in, be sure to have:
- Business Name or DBA
- Caller’s Information (Name, Title, Phone Number)
- Exemption reason
- Date of Termination (if applicable)
Note: You are only eligible to exempt your company if you offer one of the qualified retirement plans outlined below:
401(k) – or other 401(a) plan
403(a) – qualified annuity plan
403(b) – tax-sheltered annuity plan
408(k) – SEP plan
408(p) – SIMPLE IRA plan
457(b) – governmental deferred compensation plan
You may also exempt your company if you are the sole proprietor and have no W2 employees or if you do not use an automated payroll system.
No action is required by your employees. If you have added employees or sent contributions, they own their account and can continue to save for retirement with the program by setting up contributions directly from their bank account.