HUNT VALLEY, MD/ ACCESSWIRE/ November 30, 2023 / MarylandSaves, the workplace savings and retirement program created by the State of Maryland, won a 2023 Excellence & Innovation Award from Pensions & Investments Magazine and the Defined Contribution Institutional Investment Association. MarylandSaves, formally known as the Maryland Small Business Retirement Savings Program, was among a handful of innovative programs selected as winners for their "new approaches to solving old problems in workplace retirement plans."
"MarylandSaves is an advance on traditional retirement plans," said Chair Josh Gotbaum, below, who accepted the award on behalf of the MarylandSaves board. "It's automatic savings from each paycheck, savings that can help with life's emergencies now and keep helping after people retire. It can help the hundreds of thousands in Maryland who work full-time but have no savings. And we think MarylandSaves can become a model for the rest of America, too."
Unlike traditional retirement programs, MarylandSaves doesn't charge businesses to sign their employees up. In fact, the State provides $300 per year to businesses that do by waiving a state filing fee.
Also unlike virtually all retirement plans, employees in MarylandSaves automatically have a built-in emergency savings fund to handle life's unforeseen emergencies.
Other innovations that MarylandSaves will offer include:
- Helping people get the most out of their Social Security. MarylandSaves will let savers use their MarylandSaves account instead of being forced to apply early and getting reduced Social Security benefits.
- Converting automatically to a monthly paycheck. At retirement age, a MarylandSaves account will convert automatically to a monthly check in an amount estimated to last a person's lifetime.
"More than two thousand businesses and more than 4,500 Marylanders are already being helped by MarylandSaves," said MarylandSaves Executive Director Glenn Simmons. "We've worked hard to ensure MarylandSaves is free, quick, and easy for businesses and compelling to employees. And we've only just begun."
MarylandSaves launched statewide on September 15, 2022. Businesses register their employees with the program and, if employees don't opt out, payroll contributions are automatically made to a professionally managed investment funds. The employees have complete control over their accounts. More information is available at MarylandSaves.com
About MarylandSaves
Sponsored by the state of Maryland, MarylandSaves offers an automatic payroll savings IRA program for Maryland businesses that don't offer a retirement plan to their employees. WorkLife Savings Accounts are individual accounts controlled by each saver, not the employer. For more information, visit www.MarylandSaves.com.
MEDIA CONTACT:
Chris Cullen
ccullen@marylandsaves.org
410-926-2015
SOURCE: MarylandSaves
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