Does your business file an Annual Report in Maryland? If so, you could be eligible to waive the annual fee by participating in the MarylandSaves Program. This state-sponsored savings initiative allows businesses to assist their employees in saving money, much like a 401(k), but at no cost to employers and with minimal administrative requirements.
The MarylandSaves Program was primarily designed for small businesses and non-profits that lack the resources or cannot afford the contributions required by traditional retirement plans. However, it is open to all Maryland businesses, even those that already offer a qualified retirement plan.
To qualify for the program, your business must meet the following criteria:
- Have been in operation for at least two calendar years.
- Employ at least one individual over the age of 18.
- Utilize an automated payroll system.
To waive the 2025 annual report filing fees, you must register for the MarylandSaves Program and complete the account setup process before December 31, 2024. The registration process involves minimal requirements:
- An employer or designated employee must provide a list of employees and payroll information.
- After 30 days, you must update your participating employees' contribution rates in your employer portal to ensure accurate payroll deductions.
- Going forward, the only requirement is to keep your employees' payroll contribution rates and staff lists updated.
For detailed instructions and guidance on completing the registration process, please refer to the link below.
https://marylandsaves.com/employers/program-details
The deadline for registering and claiming the waiver of your 2025 Maryland Annual Report filing fees is December 31, 2024. Don’t miss out on this opportunity to support your employees' financial well-being while also receiving the benefit of having your Maryland annual report filing fees waived! Questions? Contact a knowledgeable consultant at Baden and we will be happy to answer any questions and walk you through the process.
