MERIT
Our mission is to empower workers to establish and increase retirement savings through an automatic, low-cost, trusted retirement plan benefitting Maine workers, employers and taxpayers.
About MERIT
More than 200,000 Mainers do not have access to retirement savings through work. MERIT helps bridge Maine’s retirement savings gap.
MERIT The Maine Retirement Investment Trust was created by the Maine Legislature in An Act to Promote Individual Retirement Savings through a Public-Private Partnership in recognition of the benefits to both the State and residents of the State in establishing retirement savings accounts. The MERIT Board is establishing a workplace retirement savings program for employees who do not otherwise have access to a retirement savings plan through their employer. Employees will be automatically enrolled in a Roth IRA Account. Once enrolled, the account will be funded from an employee’s wages unless the employee opts out.
At a Glance
Coming in early 2024.
An easy way for Employers to offer retirement savings for their employees.
An easy way for Employees to plan for their future.
Working Mainers can contribute to a Roth IRA directly from their paycheck.
The Law
In 2021, An Act to Promote Individual Retirement Savings through a Public-Private Partnership, was enacted to bring a workplace retirement savings opportunity to the 40% of Maine workers with no workplace retirement plan. The plan will help address Maine worker’s inadequate retirement savings and the resulting costs to the State.
2023 Amendment
PL. 2023, Chapter 167 was enacted on June 12, 2023 and will be effective 90 days after the end of the 2023 legislative session. The amendment extends the time for employers to register for the Program.
Important Dates
2
October
Last Day to Submit Comments on Rules
’24
Winter
Open to all Employers
Learn More about MERIT
MERIT Media and Digital Services RFP
– Zoom Question Session
Written Responses
The Latest News
New state retirement program targets small-business employees
Merit will provide easy to use retirement savings for Maine employees.
Inside The Maine Retirement Savings Program
Bangor Daily News, August 29, 2023
MERIT Webinar for Employers November 2, 2023 at 2:00 PM
You are invited to join MERIT Executive Director, Beth Bordowitz and Payroll Management for a webinar. Attend the webinar to get your questions answered and learn:
