You have missed the deadline, but there’s still time to register!
What is MERIT?
MERIT is a new retirement savings program governed by the Maine Retirement Savings Board. Maine businesses and organizations with 5 or more employees who have been operational for two years that do not offer a qualified retirement plan must register with the program before the deadline to avoid penalties.
What are the penalties if I don’t sign up?
Employers will face state penalties, including a fine for each individual employee they fail to cover without reasonable cause.
How do I sign up?
It’s easy! Select Employer Registration below and it will bring you to our secure portal. There you use your EIN and your individualized Access Code to sign in and complete the application. If you need to claim your exemption, select Certify My Exemption and follow the same steps.
Need help?
Don’t have your access code? Find it here!
Don’t know if you are exempt? Find out here!
Register Your Business
Certify Your Exemption
MERIT is governed by the Maine Retirement Savings Board (“MRSB”), an instrumentality of the State of Maine. Vestwell State Savings, LLC (“Vestwell”), dba Sumday Administration (“Sumday”), is the program administrator. Vestwell and The Bank of New York Mellon are responsible for day-to-day program operations. Participants who use MERIT beneficially own and have control over their Roth Individual Retirement Accounts (“IRA”), as provided in the program offering set out at MERITSaves.com.
MERIT’s investment options are selected by the MRSB. For more information on MERIT’s investment options, go to MERITSaves.com. Account balances in MERIT will vary with market conditions and are not guaranteed or insured by the MRSB, the State of Maine, the Federal Deposit Insurance Corporation (“FDIC”) or any other organization.
MERIT is a completely voluntary retirement program. Saving through a Roth IRA will not be appropriate for all individuals. Employer facilitation of MERIT should not be considered an endorsement or recommendation by your employer of MERIT, Roth IRAs, or the investment options in the program. Roth IRAs are not exclusive to MERIT and can be obtained outside of the program and contributed to outside of payroll deduction. Contributing to a MERIT Roth IRA through payroll deduction offers some tax benefits and consequences. You should consult appropriate professional advice or consultation if you have questions related to taxes or investments.
The MERIT name and the MERIT logo are trademarks of the MRSB and may not be used without permission.
