All businesses will need to put a retirement plan in place or go through the State.
Attached is information on State-Sponsored Retirement plans and below is a link to the ADP page that talks about state mandates.
Below is also the Md Saves page with additional details
We’re also approaching the SAFE HARBOR Deadline on 10/1, which is the last day to put a business retirement plan in place for 2022. With the retirement plan deadline of OCTOBER 1 quickly approaching, we are meeting with many of our clients to see if they can use a tax shelter like a 401k or SIMPLE IRA to offset their overall taxable liability. Both of these retirement plans are easily managed and seamlessly connected to their payroll account.
Simple Promo: The administration fee for the SIMPLE IRA is $40/month but we have a promotion that waives the monthly fee until January 2023! So your clients can put a plan in place now and not pay a monthly fee for the rest of 2022.
Learn more with the documents below on how to set up your MarylandSaves Employer Account and ADP Retirement Services by State.