Employers
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
Employers can register with the Program starting in January 2024.
All Maine employers with 5 or more employees must register with MERIT.
An employee benefit with no cost to Employers.
Takes about 10 minutes to complete registration.
What You Need to Know
Funded only by Employee Contributions. Employer Contributions are not permitted.
Free for employers and easy to facilitate. Employers need only identify employees and make the payroll deduction. MERIT does the rest.
Once enrolled Employees are in control of their account. They can choose their contribution amount and make investment choices.
Contributions are made through payroll deduction to a Roth IRA Account that follows the Employee throughout their career.
FAQ
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.
