MarylandSaves vs. a Guideline 401(k)

Meet Maryland’s retirement mandate with a simple, powerful Guideline 401(k).

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Guideline 401k
Guideline 401k

50K+

businesses1

1M+

savers2

88%

customer satisfaction score3

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Fintech 504

The mandate in a nutshell

MarylandSaves was established in 2016. It requires Maryland employers with 1+ employees that have been in business for 2+ years to offer the state-sponsored plan or a qualified alternative like a Guideline 401(k) by December 31st of the year in which you become eligible.5 Compare your options

  • 1+ employees

    December 31st

Meet the mandate and more with a Guideline 401(k)

  • Magnifying glass with check mark inside, simple icon.

    Simple setup

    Get started in 20 minutes. We’ll help you choose a plan that meets the mandate and your business’s goals.

  • Lightening bolt simple icon.

    Automated busywork

    Integrations with payroll providers means no need to maintain deductions or manually re-enter payroll data.

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    Live support

    You and your team get access to live support, guided employee onboarding, a mobile app, and more.

Compare MarylandSaves with Guideline Starter

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MarylandSaves

  • Retirement plan type

    Starter 401(k)

    Roth IRA

  • Maximum employee contributions for 20246

    $6,000

    $7,000

  • Employee asset-based fee

    0.15%

    ($15 for every $10,000)7

    0.18%

    ($18 for every $10,000)8

  • Additional active employee fees

    None9

    $22.50 account fee in the first year, $30/year after.9

  • Monthly employer fee

    $39 / month + $4 per participant

    None

  • Investment options

    40

    15

    (Including Target Date Funds)

  • Professionally managed portfolios

    6

    0

  • Employer match

    No

    No

  • Profit Sharing

    No

    No

Keep your business in compliance. Set up a Guideline 401(k) in just 20 minutes.

Learn more

Looking for a more robust plan? Look no further.

Starter 401(k) plans do have limitations like lower contribution limits and no employer contributions. If you’d like to set up a plan with more options and flexibility, you may want to consider Core or Enterprise.10

Carol P.RedKnot Resource Group
With Guideline, it feels like we've put 401(k) administration on auto-pilot. Guideline 401(k) enables us to give our employees a big benefit without our small business hiring in-house expertise.Client of Guideline. Views may not be representative of other clients.

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Maryland retirement mandate FAQs

What is the mandate?

The MarylandSaves Program was created to encourage more people to save for retirement. It requires Maryland employers with 1 or more employees to provide access to a retirement plan. The plan can either be a private plan like a 401(k) or the state-sponsored plan.

When does the mandate take effect?

For companies that have been in business for at least 2 years and have at least 1 employee, the deadline to register for MarylandSaves or certify exemption with a 401(k) plan is December 31st of the year in which you become eligible.

Which employers are impacted by the retirement mandate?

You are eligible to participate in the MarylandSaves Program if:

  • Businesses that have been in operation at least 2 calendar years
  • Have at least one W-2 employee
  • Use an automated payroll system
  • Do not have an employer-sponsored retirement plan
  • Your business is registered to conduct business in the state of Maryland
  • You have at least one W-2 employees who have worked for you for at least 180 days
  • You have been in business for two or more years; and
  • You don’t currently offer a qualified retirement savings program to your employees

Does Guideline satisfy the retirement mandate?

Yes. All of Guideline's 401(k) plans are designed to satisfy state program requirements and are priced to be affordable for businesses of all sizes.

Can I move from Guideline Starter to a standard 401(k)?

While it is possible for a plan to convert from a Starter 401(k) to a standard 401(k) plan at Guideline, the transition cannot take place until the beginning of the next calendar year. Learn more here.

  • 1

    As of May 2024

  • 2

    As of August 2024

  • 3

    Guideline’s average customer satisfaction score (CSAT) based on feedback received from 1/1/2023 to 12/31/2023

  • 4

    Forbes Fintech 50, 2022

  • 5

    Guideline has prepared this summary from third-party sources as of April 29, 2024. The information herein is considered to be reliable at the time of writing, may not necessarily be all-inclusive, is not guaranteed as to accuracy and is subject to change at any time without notice. The information provided herein is general in nature and is for informational purposes only. It should not be used as a substitute for specific tax, legal and/or financial advice that considers all relevant facts and circumstances. Investing involves risk and investments may lose value. You are advised to consult a qualified financial adviser or tax professional before relying on the information provided herein. Deadlines, fees, and other program details are subject to change by the state without notice and should be checked prior to making any decisions. If you already offer a qualified employer-sponsored plan, exemptions may be required. Please consult with your states specific exemption information: https://marylandsaves.com/employers for more details.

  • 6

    Subject to IRS cost-of-living adjustments. In 2024, individuals can contribute up to $7,000 between their traditional and Roth accounts. If you’re 50 or older, you can contribute an additional $1,000 ($8,000 in total). Starter 401(k) employee can contribute up to $6,000, If you’re 50 or older, you can contribute an additional $1,000.

  • 7

    Information shown here assumes a static balance of $10,000 per month, an assumed annual account fee of between 0.15% on assets under management (calculated and deducted on a monthly basis at 1/12 of the annual stated rate based on the month-end account balance) and does not account for common factors that affect the value of your account balance over time such as gains, losses, distributions, additional contributions, etc. It’s not intended to be taken as investment advice or as an assurance or guarantee of future performance. The fee presented does not include other fees that an IRA owner may incur, including, but not limited to, from mutual fund expense ratios. Alternative account fee pricing is available for the Core and Enterprise plan tiers, ranging from 0.15% to 0.35%. Contact Sales at hello@guideline.com to learn more about exclusive pricing options available in Enterprise tier. See our Form ADV 2A Brochure for more information regarding fees.

  • 8

    Information shown here assumes a static balance of $10,000 per month, and the Program Administrative Fee of 0.18% on assets under management. Per the MarylandSaves Program, the Annualized Asset-Based Fees reduce the return of your Investment Options. As an Account Holder, you indirectly bear a pro-rata share of the annual costs and expenses associated with each Investment Option in which you are invested. The Annualized Asset-Based Fees consist of the Underlying Investment Fees and the Program Administration Fee. The Program Administration Fee, which is in the amount of 0.15% to be paid to the Program Administrator plus 0.05% to be paid to the state of the Investment Options daily net assets. The Program Administration Fee covers a portion of the costs of administering the Program. This fee accrues daily, is paid monthly, and is factored into the applicable Unit Value Underlying Investment Fees. The Underlying Investment Fees include investment advisory fees, administrative fees, and other expenses of each applicable Underlying Investment, which are paid out of the assets of the Underlying Investment and reduce the investment return on such Underlying Investment. An Underlying Investment’s expense ratio measures the total annual operating expenses of the Underlying Investment as a percentage of its average daily net assets.

  • 9

    The fee presented does not include other fees that a 401(k) participant may incur, including, but not limited to, from mutual fund expense ratios and a monthly maintenance fee to participants who end employment.

  • 10

    Alternatively priced plan tiers are also available. Go to https://www.guideline.com/pricing for further information. You should consult a tax professional and/or Financial Advisor to determine the best tax advantaged retirement plan for your situation.

  • 11

    This content is for informational purposes only and is not intended to be taken as tax advice. Please consult a tax professional to determine what types of tax credits or deductions your company is eligible to claim.

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