Understanding Maryland's State Mandates for Retirement Plans: Options and Compliance
Help your clients in Maryland understand the state's mandated retirement program and explore alternative solutions that satisfy both the mandate and their business needs.
Key Points
- State Mandate Compliance: Educate clients about Maryland's retirement program requirements, emphasizing that employers with one or more employees must offer a retirement plan to comply with state legislation.
- MarylandSaves Program Details: Highlight program details, focusing on its automatic enrollment feature, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Retirement Plans: Outline alternative retirement plan options such as 401(k) plans and PEPs, detailing their flexibility, higher contribution limits, and potential tax benefits for both employers and employees.