News & Events
News
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MERIT Executive Director Joins George Hale and Ric Tyler
Beth Bordowitz spoke with George Hale and Ric Tyler about the merits of MERIT.
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MERIT Can Boost Retirement Savings
MERIT is an opportunity to boost retirement savings. Maine financial advisors discuss the need and offer tips for retirement savings. Currently, some 19 percent of elderly households in Maine rely on Social Security for 90 percent of their income. Working households in Maine have only $2,500 average retirement savings. The Maine Retirement Savings Program could
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Governor signs MERIT Amendments
On June 12, 2023 Governor Janet Mills signed amendments to MERIT into law as LD 2023, Chap. 167. This legislation establishes December 31, 2024 as the final date for Maine Covered Employers to register with MERIT without penalty. .
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Amendments to MERIT
On June 9. 2023 the Senate Majority Office issued a press release announcing the passage of amendments to the MERIT program. The bill awaits signature by Governor Janet Mills.
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Lawmakers request to delay Maine’s upcoming IRA program
Maine workers who do not have access to retirement savings options will soon gain access through Maine’s very own IRA savings program. Back in 2021 Governor Janet Mills approved legislation which promotes more accessibility to save for retirement through public and private partnerships. The program was slated to begin in April 2023 however the bill’s
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State Automated Retirement Programs Would Reduce Taxpayer Burden From Insufficient Savings
Study shows potential combined $1.3 trillion burden for state and federal governments over 20 years. A new study finds that Americans’ insufficient retirement savings will significantly affect every state and the federal government over the next 20 years, resulting in increased public assistance costs, reduced tax revenue, decreased household spending and standards of living, and
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