Our mission is to empower workers to establish and increase retirement savings through an automatic, low-cost, trusted retirement plan benefitting Maine workers, employers and taxpayers.
More than 200,000 Mainers do not have access to retirement savings through work. MERIT helps bridge Maine’s retirement savings gap.
MERIT The Maine Retirement Investment Trust was created by the Maine Legislature in An Act to Promote Individual Retirement Savings through a Public-Private Partnership in recognition of the benefits to both the State and residents of the State in establishing retirement savings accounts. The MERIT Board is establishing a workplace retirement savings program for employees who do not otherwise have access to a retirement savings plan through their employer. Employees will be automatically enrolled in a Roth IRA Account. Once enrolled, the account will be funded from an employee’s wages unless the employee opts out.
At a Glance
In 2021, An Act to Promote Individual Retirement Savings through a Public-Private Partnership, was enacted to bring a workplace retirement savings opportunity to the 40% of Maine workers with no workplace retirement plan. The plan will help address Maine worker’s inadequate retirement savings and the resulting costs to the State.
PL. 2023, Chapter 167 was enacted on June 12, 2023 and will be effective 90 days after the end of the 2023 legislative session. The amendment extends the time for employers to register for the Program.
Learn More about MERIT
The Latest News
Join former President of the Maine State Chamber of Commerce, Lebel & Harriman Partner and Retirement Advisor, Nate Moody and MERIT Executive Director Beth Bordowitz to learn about MERIT program options and Maine Employer Compliance, hosted by the Alfond Center for the Advancement of Maine’s Workplace.
News Center Maine November 15, 2023 Meet Devin and Nicole from Foldflow. Devin explains why he chose to be among the first Maine employers to bring MERIT to their employees. Nicole tells us why she is thinks MERIT is important for Maine employees.
Merit will provide easy to use retirement savings for Maine employees.