In 2021, “An Act To Promote Individual Retirement Savings through a Public-Private Partnership,” was enacted with bipartisan support and signed by Gov. Janet Mills. This bill created the Maine Retirement Savings Program to help Maine workers save for retirement and bridge the retirement savings gap.
The bill also created the Maine Retirement Savings Board, which administers MERIT, the Maine Retirement Investment Trust and requires employers who do not offer a workplace retirement savings plan to facilitate a payroll deduction for their employees. MERIT is simple to administer and charges no fees to employers. The deducted funds are contributed to Roth IRA, which is in the name of the participating employee and follows them from job to job until that person is ready to retire.
Employer Criteria
Maine employers having five or more Maine employees and have been in business for two years must register with the MERIT at meritsaves.com. Employers who met the criteria and failed to register in 2024 will be subject to fines in 2025. Employers who newly meet the criteria in 2025 must register by June 30, 2025.
Contact Information
For Maine employers and employees wanting more information visit meritsaves.com. If you are an employer with questions about how to register and concerns with your account call 833-608-8811. If you are an employee with questions about your account call 833-608-8840.
For information about the Board that runs the program visit meritsaves.org. If you have general questions about the Program call 207-888-4706.