Maryland State Treasurer Dereck E. Davis has been elected Chair of the Maryland Small Business Retirement Savings Board, which oversees the MarylandSaves program, a state-sponsored initiative designed to help workers save for retirement and emergencies.
📌 What Is MarylandSaves?
MarylandSaves is a payroll-deduction Roth IRA program created to address the retirement savings gap among Maryland workers. It’s especially geared toward employees of small businesses that don’t offer retirement plans. Key features include:
- Automatic enrollment with opt-out flexibility
- Emergency savings fund for the first $1,000 of contributions
- Target-date retirement funds for long-term growth
- No cost to employers, and a $300 annual filing fee waiver for participating businesses
As of mid-2025, MarylandSaves has:
- Over 12,000 worker accounts
- More than 1,700 participating employers
- One of the highest average contribution rates among state programs at 5.7%
🎯 Davis’s Role and Responsibilities
As Chair, Davis will:
- Guide strategic direction and innovation for MarylandSaves
- Oversee fiduciary responsibilities and compliance with state law
- Represent the program in public forums and policy discussions
- Ensure accessibility and transparency for Maryland workers and businesses
His leadership is expected to expand participation, enhance financial literacy, and strengthen retirement security across the state.
🧠 Who Is Dereck E. Davis?
Davis is not just a public official—he’s a giant of a mand and a master policy craftsman with a record of results. Before becoming Treasurer in 2021, he served 27 years in the Maryland House of Delegates, chairing the powerful Economic Matters Committee. His legislative legacy includes:
- Raising Maryland’s minimum wage
- Expanding consumer protections
- Championing clean energy and public health
- Leading reforms in telecommunications and insurance
As Treasurer, Davis manages billions in state assets, chairs the Capital Debt Affordability Committee, and sits on the Board of Public Works, where he’s known for scrutinizing contracts to ensure equity and fiscal responsibility.
He’s also a community-rooted leader, raised in Capitol Heights, with degrees in Political Science and Public Policy from the University of Maryland. He’s a father, husband, and active volunteer with the Marlboro Boys and Girls Club.
💬 Why This Matters
Davis’s appointment signals a serious commitment to financial inclusion. MarylandSaves isn’t just a policy, it’s a lifeline for workers who’ve been left out of traditional retirement systems. With Davis at the helm, expect sharper execution, broader outreach, and a program that doesn’t just exist, it thrives.