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More than 200,000 Mainers do not have a chance to save for retirement at work. The Maine Retirement Investment Trust (MERIT) helps bridge that gap.
Starting in 2024, MERIT will provide Maine employers with an EASY and FREE retirement savings program to help members of their teams automatically 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.
Everyone MERITS trusted retirement savings.
Learn more at mainesaves.org
Short Email / News Update
Starting in 2024, the Maine Retirement Investment Trust (MERIT) will provide Maine employers with an easy and free retirement savings program to help members of their teams save for their futures.
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 an automatic retirement savings option, these employees are 15 times less likely to save for retirement.
Everyone MERITs trusted retirement savings.
Early next year, MERIT will ask “covered” Maine employers to register their employees with the program. Covered employers have five or more employees but do not offer a qualified retirement savings plan.
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 mainesaves.org for more information.
Newsletter / Website Update
Maine’s New Employer Retirement Savings Requirement
Starting in 2024, the Maine Retirement Investment Trust (MERIT) will provide Maine employers with an easy and free retirement savings program to help members of their teams save for their futures.
Maine employers with five or more employees must offer a retirement savings program beginning next year. That will mean change for 6,700 Maine employers not already providing their teams with a workplace retirement savings opportunity.
The Maine Legislature created MERIT to help employers meet this new obligation without additional costs, contribution requirements, or the administrative burdens of providing their own program.
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.
For Employers: An Easy and Free Retirement Savings Program
The team at MERIT is committed to making the program as easy as possible and free for Maine employers. At MERIT, they believe everyone merits trusted retirement savings!
“Covered” employers under Maine’s new requirement have five or more employees and do not offer a qualified retirement savings plan.
A pilot program will launch in October. MERIT will also conduct outreach to employers and host informational meetings throughout the fall. Please visit mainesaves.org to learn more, contact the MERIT team, and schedule a program presentation.
In early 2024 MERIT will contact covered employers with instructions to register their employees. The request to participate will include tools employers can use to educate their teams and request an exemption if they already offer a retirement savings program.
Every covered employer must register their employees in 2024.
Savings for a Lifetime
Employee participation is voluntary. MERIT will be responsible for maintaining accounts and has plans to provide employee contributors with investment options and a low cost retirement savings program that can follow them from job to job.
Please see the employee page at mainesaves.org for more information.
