Article and photos posted by AARP Maine on April 30, 2025.
More Than One Million Americans Now Enrolled in Auto-IRA Programs, and Maine is among the leaders helping workers save for retirement.
More than one million private sector workers nationwide have enrolled in state retirement savings programs, a major milestone in the effort to address the nation’s retirement savings challenges. These options allow employees whose workplaces do not offer retirement plans to automatically contribute a portion of their paycheck to a retirement savings account.
In Maine, the Maine Retirement Investment Trust (MERIT) has enabled thousands of workers to save for their futures.
“These options work because they make saving easy,” said Noël Bonam, AARP Maine State Director. “MERIT has empowered more than 13,000 workers to start building their retirement security — many for the very first time. We’re proud Maine is leading the way.”
Auto-IRA and other state-facilitated retirement options now operate in 20 states, with additional states at various stages of implementation. These programs are free to employers and designed to be easy for businesses and workers alike.
“These programs show that when saving for retirement is easy and automatic, people do it,” said Nancy LeaMond, AARP Executive Vice President and Chief Advocacy & Engagement Officer. “Thanks to state action, over a million Americans who were previously unable to save for retirement through their job are now doing that, though too many hardworking people are still left behind. Now state leaders and Congress must work to ensure every American worker has access to a retirement savings option at work where they can easily save for their future.”
According to AARP research, nearly half of American workers in the private sector ─ 56 million people ─ still lack access to a retirement plan through their employer. Small businesses are especially likely to not have an employer-based retirement option in place. Auto-IRA programs can help close this retirement savings gap; they don’t charge fees to employers and are designed to be simple for both employers and employees to use.
AARP has been a leading advocate for these options, working at both the state and federal levels to expand access to retirement savings. AARP has endorsed proposed federal legislation, including the bipartisan Retirement Savings for Americans Act and the Automatic IRA Act, both of which would help improve retirement security for American workers.
AARP Maine advocacy led to the establishment of MERIT in 2021. Legislators in Maine are currently considering legislation (LD 355, An Act to Advance the Maine Retirement Savings Program) that would further expand and strengthen the program in order to ensure that even more Mainers have easy access to a retirement savings plan for years to come.
For more on AARP’s advocacy on retirement security and broader efforts to strengthen financial security, view AARP’s Financial Security Fact Sheet.
To learn more about the Maine Retirement Investment Trust (MERIT) program, visit: https://meritsaves.com/
