BALTIMORE, Dec. 16, 2021 /PRNewswire/ -- T. Rowe Price, a global investment management
organization and a leader in retirement, announced today it was
chosen to manage one of the investment options in the new state-run
retirement program, MarylandSaves.
MarylandSaves is a state-sponsored program designed to make it
as easy as possible for businesses to offer their employees a
voluntary, automatic, low-cost, portable retirement and emergency
savings program. The program, modeled after several other states,
is designed to help participants have reliable income after
they retire. The program is unique in that it builds an emergency
savings fund first. Once the emergency account is fully funded the
T. Rowe Price Global Growth Stock Fund will be one of four
investment options from which a participant in the program may
choose. The program is scheduled to launch in summer of 2022.
Plan highlights include:
- Lower account fees and portability - fees will be lower
than commercial alternatives and accounts can move if employees
change jobs
- Flexibility - while employees are automatically
enrolled, the plan is voluntary, and participants can withdraw
funds or opt out at any time
No cost for employers - MarylandSaves will not charge
any fees to employers that facilitate the program
"We are excited to partner with MarylandSaves to offer residents
of Maryland a new, low-cost,
portable retirement savings option. This builds on the heels of
other state-run retirement savings programs that seek to expand
retirement saving options to millions of Americans," said
Michael Davis, head of defined
contribution specialists at T. Rowe
Price. "This new program will now give over 1 million
residents the opportunity to invest in their retirement."
More information can be found at MarylandSaves.org.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price
(NASDAQ-GS: TROW) is an independent global asset management company
with $1.67 trillion in assets under
management as of October 31, 2021.
The firm is focused on delivering investment excellence and
retirement services for institutional, intermediary, and individual
investors. Our strategic investing approach, driven by independent
thinking and guided by rigorous research, helps clients feel
confident in pursuing financial goals. For more information, visit
troweprice.com, Twitter, YouTube,
LinkedIn, Instagram, or Facebook.
ABOUT MARYLANDSAVES
The Maryland Small Business
Retirement Savings Board was created by the State of Maryland in 2016. The board consists
of the State Treasurer and Secretary of Labor, both ex officio, and
three persons appointed by each of the Governor, the President of
the Senate, and the Speaker of the House of Delegates. Funded by
startup loans from the State, the Board designed the workplace
retirement and emergency savings program. The Board incorporated
the Maryland Small Business Retirement Savings Program, Inc. and
hired an executive director to manage the staff, provide advice,
and oversee the process of selecting the program and investment
managers.
Consider the investment objectives, risks, and charges and
expenses carefully before investing. For a prospectus or, if
available, a summary prospectus containing this and other
information visit troweprice.com. Read it carefully.
All investments are subject to risk, including the possible loss
of principal.
T. Rowe Price Investment Services, Inc., distributor, T.
Rowe Price mutual funds.
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SOURCE T. Rowe Price Group, Inc.