-Employee saving program now offered even for seasonal employees-
Blue Bimini, a water transportation and excursion provider in Ocean City, has signed up for MarylandSaves, the retirement and savings program designed to help small business owners offer retirement plans to employees.
Sponsored by the state of Maryland, MarylandSaves provides employees the opportunity to start a WorkLife Savings Account automatically funded from their paychecks. The program is free for businesses that enable automatic employee enrollment every year they participate in MarylandSaves or offer another qualified plan to their employees.
Employees at Blue Bimini now have multiple investment options to choose from and can decide at any time to change their savings rate, change their investment options, or opt out entirely. They can also withdraw their money or take their account with them when they change jobs. To get started, savers don’t have to do anything; if they don’t opt out, 5% of their paycheck will be automatically saved.
“As a small business, we were pleased to have a new benefit to offer employees. It’s a very simple program to understand and there is no minimum for participation,” said Blue Bimini owner Steve Butz. “I am glad that Maryland has provided this free program. It is easy for business owners to sign up for and for employees to use.”
Since its launch in the fall of last year, MarylandSaves has successfully attracted more than 1,400 businesses statewide. These registered businesses are now able to take advantage of the various benefits offered by the program, enhancing the opportunities available for their employees.
ABOUT Blue Bimini
Blue Bimini operates a regularly scheduled water shuttle from North Ocean City to the inlet, an on-demand water taxi service, and a bayside boat charter service – all of which can be booked with a smart phone app. http://www.bluebimini.com/about-blue-bimini/
About MarylandSaves
Sponsored by the state of Maryland Small Business Retirement Savings Program, MarylandSaves offers an automatic payroll savings IRA program for Maryland businesses that don’t offer a retirement plan to their employees. WorkLife Savings Accounts are individual accounts controlled by each saver, not the employer.
Maryland law now requires businesses that wave W2 employees to offer a payroll-deducted retirement savings program. There is a $300 SDAT Annual Report Filing Fee waiver for businesses that participate in MarylandSaves or offer another qualified plan.
For more information, visit www.MarylandSaves.com
