In this video, CERTIFIED FINANCIAL PLANNER™ Professional, Colin Exelby explains the new Maryland Retirement Plan Law MarylandSaves. This new law went into effect 9/15/2022 and must be complied with by December 31, 2022. It required most Maryland businesses and nonprofits to register for the new state plan or start a new custom retirement plan for the business.
If you have a for profit or non profit business operating in the state of Maryland and:
👉 You have been in business for at least two years. 👉 You have at least ONE W2 employee 👉 You pay employees through a payroll system 👉 You haven’t provided a retirement savings plan in the last two years 👉 You don’t currently offer your employees a retirement plan.
Then you must register for the new MarylandSaves Plan or set up an alternative plan for employees by December 31, 2022. That doesn’t give you much time. Another thing small business owners must worry about in the fourth quarter. Stick with me as I guide you through the new MarylandSaves plan.
TIME STAMPS : 00:00 MarylandSaves Law 01:20 What does the new retirement plan law mean for small business owners? 02:50 What if you already have a retirement plan set up for your business? 04:27 What is the Maryland Saves Plan? 06:04 Employee Automatic Deferrals 07:17 What Do Employers Need to Do to Comply? 08:39 The December 31st deadline
[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.
I provide financial planning for business owners and their families that makes sense.
Transformational change is made when you focus on the big picture. My goal is to help you think outside the box about your life, your money, and your health to be the best you can possibly be.
We strive to help you: *Optimize Your Cash Flow *Minimize Your Taxes *Build Your Net Worth *Create a Lasting Legacy
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