MarylandSaves
MarylandSaves is a state-sponsored retirement and emergency savings program for Maryland small businesses, automatically enrolling employees into portable IRA accounts with a 5% default contribution and an optional up-to-$1,000 emergency savings fund, administered by the Maryland Small Business Retirement Savings Board in partnership with Vestwell.
- Company typePrivate
- Founded2022
- HeadquartersHunt Valley, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What MarylandSaves does
MarylandSaves is a state-facilitated retirement and emergency savings program for small businesses and their employees, administered by the Maryland Small Business Retirement Savings Board and operated from Hunt Valley, Maryland. The program was established by Maryland House Bill 1378 in 2016 and launched statewide on September 15, 2022. It targets Maryland-based small businesses that do not currently offer a workplace retirement plan, with mandatory participation for employers operating automated payroll systems who do not provide a qualifying retirement plan. MarylandSaves provides automatically enrolled individual IRA accounts with a 5% default savings rate, an optional Emergency Savings Fund component of up to $1,000, payroll deduction integration, and portable accounts that follow the employee across jobs. Employer onboarding is self-service and is described as taking under 15 minutes.
The program is built on a partnership with Vestwell, which serves as the core record-keeper and provides the technological infrastructure for account management and payroll-company integrations. Distribution relies on employer self-service enrollment, payroll-provider partnerships, and educational webinars for payroll processing executives and employers. There is no parent company, no venture or private equity backing, and no external shareholders; the program is state-owned and initially funded by Maryland startup loans under the oversight of the Maryland Small Business Retirement Savings Board.
MarylandSaves monetizes through administrative fees deducted from employee accounts rather than charging employers, with all fees described as lower than commercial alternatives. Participating employers additionally receive a $300 annual SDAT Annual Report Filing Fee waiver. The customer base is a long-tail of Maryland SMBs across diverse industries (retail, restaurant, entertainment, junk removal), with featured members including Junkluggers, Bee Inspired, Caliente Grill, and Urban Axes. As a state government program, MarylandSaves does not publicly disclose revenue or financial statements.
MarylandSaves firmographics
Firmographics- Name
- MarylandSaves
- Legal name
- MarylandSaves
- Website
- https://marylandsaves.org
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- MarylandSaves is a state-sponsored retirement and emergency savings program for Maryland small businesses, automatically enrolling employees into portable IRA accounts with a 5% default contribution and an optional up-to-$1,000 emergency savings fund, administered by the Maryland Small Business Retirement Savings Board in partnership with Vestwell.
- Ownership category
- akta.pro rank
MarylandSaves industry classification
Industry- Product category
- Workplace Retirement Savings Program
- NAICS
- Pension Funds (525110)
- akta.pro primary industry
- Workplace Wealth & Employee Investing Programs (FSAAAAAK)
- akta.pro secondary industries
- Retirement Plan Participant Advice & Managed Accounts (FSAEABAF), Tax-Advantaged Investing & Wrappers (ISA, 529, Insurance Bonds, etc.) (FSAAAAAL), Saving & Emergency Funds (EDAAAJAB)
Keywords
Where MarylandSaves is headquartered
LocationHeadquarters
- HQ city
- Hunt Valley
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
MarylandSaves business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Administrative Fees from Employee Accounts: All administrative fees are paid from employee accounts rather than employers. Employers pay zero setup or administrative costs to participate in the program.
- SDAT Fee Waiver Processing: Businesses participating in MarylandSaves or offering another qualified plan qualify for a $300 annual SDAT Annual Report Filing Fee waiver each year of participation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Free employer participation with employee-funded administration |
| Usage-based | Monthly | Low fees to savers for account management |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
MarylandSaves product offering
Product offeringCore offering
MarylandSaves is a state-facilitated retirement and emergency savings program for Maryland small businesses. Employers enroll employees into portable individual IRA accounts with a 5% default savings rate and an emergency savings fund option. The program handles administrative tasks, charges zero setup or administrative fees to employers, and offers a $300 annual SDAT filing fee waiver to participating businesses.
Product overview
MarylandSaves is a single, unified state-sponsored retirement and emergency savings program for Maryland's small businesses. The core product consists of automatic employee enrollment into individual IRA accounts with a 5% default savings rate, complemented by an exclusive Emergency Savings Fund component offering up to $1,000. The program handles administrative tasks for employers, who only need to register their business, upload payroll/employee data, and remit contributions. There are no fees to employers—all administrative costs are paid from employee accounts.
Differentiator
Problem solved
Functional benefit
Products and services
- MarylandSaves Retirement and Emergency Savings Program State-facilitated retirement and emergency savings program for Maryland-based small businesses. Enables employers to offer retirement benefits to employees with automatic enrollment, individual IRA accounts, payroll deduction setup, and administrative support, with no fees charged to employers.
Companies that use MarylandSaves
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
MarylandSaves technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
MarylandSaves partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- VestwellcoreVestwell serves as the record-keeper partner for MarylandSaves. They hosted an information session with MarylandSaves Executive Director Glenn Simmons to discuss the details and benefits of the program. Vestwell provides the technological infrastructure for account management and record-keeping services.
Scale indicators3 records
Recent moves6 records
Expansion highlights4 records
MarylandSaves competitors and assessment
Company assessmentOthers
- Vestwell: Record-keeper and platform provider for state-facilitated retirement savings programs, including MarylandSaves and OregonSaves. Operates as a technology partner rather than a competing program, providing the infrastructure backbone that MarylandSaves relies on.
Direct peers
- Illinois Secure Choice: Illinois's state-facilitated retirement savings program for small business employees without workplace plans. Uses a similar auto-IRA structure with employer mandates and default opt-in enrollment, directly comparable to MarylandSaves.
- Colorado SecureSavings: Colorado's state-facilitated retirement savings program for private-sector workers without workplace plans. Built on the same auto-IRA framework and serves a comparable SMB employer base, making it a direct parallel to MarylandSaves.
- MassSaves: Massachusetts's state-facilitated retirement savings program for small business employees in the Commonwealth. Operates an auto-IRA structure targeting employers without workplace retirement plans, structurally comparable to MarylandSaves.
- OregonSaves: Oregon's state-facilitated retirement savings program, one of the first auto-IRA programs in the U.S. Operates a similar payroll-deduction IRA model with employer mandate and uses Vestwell as its record-keeping platform, directly comparable to MarylandSaves.
- MyCTSavings: Connecticut's state-facilitated retirement savings program for small business workers without employer-sponsored plans. Operates a similar auto-IRA with employer compliance pathways, providing a direct comparable to MarylandSaves.
- Human Interest: Tech-enabled 401(k) and SEP-IRA provider for small and medium-sized businesses. Targets the same customer base as MarylandSaves with low-cost, full-service retirement plans, giving employers a private alternative to opt out of the state program.
- Guideline: Modern 401(k) platform targeting small businesses with streamlined onboarding, transparent pricing, and automated payroll integrations. Competes with MarylandSaves for the same SMB segment by offering employers a private alternative to state auto-IRA programs.
- CalSavers: California's state-facilitated retirement savings program for private-sector workers who lack workplace retirement plans. Operates under a similar mandatory-participation framework as MarylandSaves, targeting California employers with payroll systems.
- Washington Work & Save: Washington State's state-facilitated retirement savings program for small business employees. Comparable to MarylandSaves in its auto-IRA design, employer mandate, and offering of portable Roth and traditional IRAs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
MarylandSaves social profiles
Digital presenceMarylandSaves financial estimates
Financial estimateRevenue estimate
Valuation estimate
MarylandSaves leadership team
Management profileNumber of profiles
Profiles4 records
MarylandSaves funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MarylandSaves M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MarylandSaves
What does MarylandSaves do?
MarylandSaves is a state-facilitated retirement and emergency savings program for Maryland small businesses. Employers enroll employees into portable individual IRA accounts with a 5% default savings rate and an emergency savings fund option. The program handles administrative tasks, charges zero setup or administrative fees to employers, and offers a $300 annual SDAT filing fee waiver to participating businesses.
Is MarylandSaves a public or private company?
MarylandSaves is a private company. It is classified as state government owned and is currently operating.
When was MarylandSaves founded?
MarylandSaves was founded in 2022. It employs 1 to 10 people.
Where is MarylandSaves based?
MarylandSaves is headquartered in Hunt Valley, United States, in the North America region.
How does MarylandSaves make money?
Two revenue lines are on record. Administrative Fees from Employee Accounts are the primary driver. The others are SDAT Fee Waiver Processing.
Who are MarylandSaves's main competitors?
Vestwell is listed as an others. Direct peers are Illinois Secure Choice, Colorado SecureSavings, MassSaves, OregonSaves, MyCTSavings, Human Interest, Guideline, CalSavers and Washington Work & Save.
Does MarylandSaves have an API?
No public API is recorded for MarylandSaves.
What industry is MarylandSaves in?
MarylandSaves's product category is Workplace Retirement Savings Program. Its primary akta.pro industry code is FSAAAAAK, Workplace Wealth & Employee Investing Programs, with a secondary code of FSAEABAF, Retirement Plan Participant Advice & Managed Accounts. Its NAICS code is 525110.