Over the past few years, many states have enacted new laws requiring employers to offer a workplace retirement plan – and Maryland is no exception.
Under the new MarylandSaves plan, all employers that do business in Maryland, have one or more W-2 employees and use an automated payroll service are required to either:
- Connect to the MarylandSaves program
- Offer a 401(k) or other qualifying retirement plan
The MarylandSaves program is not the Maryland state retirement program for government employees. This is a Roth IRA operated by MarylandSaves. Businesses are required to automatically enroll employees into this program if offered.
A 401(k) or retirement plan offers significantly more flexibility, higher contribution limits and is cost effective to set up and maintain using RCM&D’s “401(k) in a box” group buying solution.
Benefits of Offering a 401(k) or Retirement Plan
Offering your own 401(k) or qualifying retirement plan can unlock a host of benefits for your business. These include:
Increased Control and Customization: With a 401(k) or retirement plan, you have the power to customize the plan to fit your specific business needs. This includes determining the vesting schedule, matching contributions and selecting investment options.
Expert Support from Financial Professionals: Offering a 401(k) or retirement plan can be overwhelming, but it doesn’t have to be. By partnering with a broker, you can receive expert guidance and support throughout the process. The RCM&D Retirement Practice offers a variety of options to ensure a seamless process.
Less Administrative Work: By outsourcing the management of your 401(k) or retirement plan to a broker, you can reduce the administrative burden on your business. This frees up your time to focus on the big picture with peace of mind in knowing your employees’ retirement plans are properly managed.
Tax Benefits: Offering a 401(k) can provide tax benefits for both you and your employees. Employer contributions are tax-deductible, and employees can enjoy tax-deferred contributions.
We Can Help
Want to establish a 401(k) or retirement plan for your business? The RCM&D Retirement Practice is a leader and innovator in the industry, focusing on comprehensive, holistic plan sponsor and plan participant support. Our retirement plan consulting division has earned a certification from the Centre for Fiduciary Excellence, LLC (CEFEX), granted only to firms that demonstrate adherence to fiduciary best practices.
Reach out to a trusted advisor today to learn more about how a partnership with RCM&D can benefit your business.