MarylandSaves vs. Guideline 401(k)

Meet Maryland’s retirement mandate with an all-in-one 401(k) and live support.1

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50K+

businesses2

1M+

savers3

93%

customer satisfaction score4

Forbes Logo

Fintech 505

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.6 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.

    20-minute setup

    Guideline will help you set up a 401(k) and enroll your employees for you. With MarylandSaves, you may have to do extra work on behalf of your employees during setup.

  • Lightening bolt simple icon.

    Seamless administration

    We’ll automatically deduct 401(k) contributions each pay run. With MarylandSaves, you may need to manually send payroll contributions, maintain employee records, and more.

  • Two hands shaking simple icon.

    Fast, live support

    We have your back — you and your team get access to fast, live support via phone and email. Our annual plan sponsor customer satisfaction score is 93%.4

Get back up to $16,500 in tax credits on your new 401(k).7

See if you’re eligible

Compare MarylandSaves with Guideline Starter

Guideline logo
MarylandSaves
  • Retirement plan type

    Starter 401(k)

    Roth IRA

  • Maximum employee contributions for 20248

    $6,000

    $7,000

  • Employee asset-based fee

    0.15%9

    0.18%10

  • Additional active employee fees

    None11

    $22.50 account fee in the first year, $30/year after10

  • Monthly employer fee

    $39 / month + $4 per participant

    None

  • Investment options12

    40

    15

    (Including Target Date Funds)

  • Professionally managed portfolios12

    6

    0

  • Exempt from IRS testing

    Yes

    Yes

  • Employer match

    No

    No

Custom integrations. Quick resolutions.

All of our payroll integrations are direct and custom built — we don’t use 3rd party software to sync data. Data syncs every 24 hours with 99% accuracy.13 See all payroll integrations

  • and more
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Investments are our responsibility12

Just like with the state offering, you won’t be responsible for investment option choices. We’ll serve as the ERISA 3(38) fiduciary which means we’re responsible for selecting and managing all investment options — our goal is to reduce your liability and provide you with peace of mind.12 Learn more

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Estimate your plan costs

Your company could be eligible to receive up to $16,500 in tax credits over the plan’s first three years to help offset initial plan costs.7

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.

Get a retirement plan you and your team will love

See our Privacy Policy to learn how we use and protect your information.

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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.