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More than 200,000 Mainers don’t have access to a workplace retirement savings plan. Maine Retirement Investment Trust (MERIT) is Maine’s solution to bridging that gap.
MERIT provides Maine employers with an EASY and LOW-COST retirement savings program to help their team members easily save for a brighter future.
Employee participation is voluntary. MERIT maintains the investment accounts, provides investment options, and ensures that its retirement savings program can follow workers from job to job.
All Mainers deserve trusted retirement savings.
Learn more at meritsaves.com
Short Email / News Update
Maine Retirement Investment Trust (MERIT) provides Maine employers with an easy, low-cost retirement savings program to help their team members save for the future.
More than 200,000 Maine employees — about 40% of the state’s active workforce — do not have access to an employment-based opportunity to save for their later years. Without the benefit of a workplace retirement savings option, these employees are 15 times less likely to save for retirement.
All Mainers deserve trusted retirement savings.
Maine employers with five or more employees that do not offer a qualified retirement savings plan must register with MERIT.
Employee participation is voluntary. MERIT will maintain accounts and provide employees with investment options and a low cost retirement savings program that can follow them from job to job.
Please see meritsaves.com for more information.
Newsletter / Website Update
Maine’s Employer Retirement Savings Requirement
The Maine Retirement Investment Trust (MERIT) provides Maine employers with an easy and low-cost retirement savings program to help members of their teams save for their futures.
Beginning in 2024, Maine employers with five or more employees and who have been in business for two years or longer must offer a retirement savings program. So far, over 4,500 Maine employers have registered or exempted their businesses. Every year new employers will meet this criteria for MERIT and need to register their organizations.
The Maine Legislature created MERIT to help employers provide a workplace retirement option to their employees without additional costs, contribution requirements, or the administrative burdens of a traditional workplace retirement plan.
Maine’s Retirement Savings Gap
More than 200,000 Maine workers – about 40% of the state’s active workforce — do not have access to automatic, employment-based opportunities to save for their later years.
These workers are 15 times less likely to save for retirement. MERIT provides employees with access to automatic savings options through work to help bridge this gap and put more Mainers on a path to a brighter, more secure retirement. So far, over 12,500 retirement savings accounts have been established, accounting for over $10.8 million saved by Maine employees (March 2025).
For Employers: An Easy & No Fee Retirement Savings Program
The team at MERIT is committed to making the program as easy as possible and without unnecessary fees and costs for Maine employers. At MERIT, they believe everyone merits trusted retirement savings!
“Covered” employers have been in business for two years or longer, have five or more employees and do not offer a qualified retirement savings plan.
Once Maine employers meet these criteria, MERIT reaches out with instructions to register their employees or to certify that they are exempt as they already offer a qualified workplace retirement savings plan.
MERIT also conducts outreach to their employees and hosts regular informational webinars to introduce the program and answer any questions. Maine employers can visit meritsaves.com to register or to learn more about the program, schedule a presentation, or contact the staff.
Every covered employer must register their employees by June 30, 2025.
Please visit meritsaves.com/employers for more information.
Savings for a Lifetime
Employee participation is voluntary. MERIT is responsible for maintaining accounts and provides employee contributors with investment options and a low cost retirement savings program that can follow them from job to job.
Please visit meritsaves.com/savers for more information.
