An Added Benefit
In early 2024 all Maine Employers with 5 or more employees will receive an email from the Program Administrator inviting them to register with the Program – or to enter their exemption. Registration is completed on an easy to use portal. Once the information is confirmed, Employers will be invited to register employees for their retirement account. The Program Manager will contact employees to complete their registration. When employees are enrolled, Employers will receive directions for payroll deductions based on the Employee’s choices.
At a Glance
What You Need to Know
Yes. If an Employer offers a qualified plan, that Employer is exempt from participating in MERIT, even if not all Employees are eligible to participate in the qualified plan.
A 401(a), 401(k), 403(b), SEP IRA and SIMPLE IRA are all qualified plans.
Once an Employer has registered with MERIT they will be able to designate their payroll provider as a teammate and authorize the payroll provider to take actions on their behalf.
MERIT has integrations with Gusto, Paylocity and Quickbooks online. It will work with other payroll providers on integrations.