On October 18, 2023, the Maine Retirement Savings Board adopted a final rule implementing Maine’s state-run retirement savings program, the Maine Retirement Investment Trust or MERIT..
Committee gives bipartisan support to Sen Vitelli bill to advance state s retirement savings program whoufm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from whoufm.com Daily Mail and Mail on Sunday newspapers.
Maine employers should be aware of legislation that goes into effect in April 2023, according to guest columnist Nate Moody, an advisor at Lebel & Harriman Retirement Advisors in Falmouth.
State Auto-IRA Plans
Add the Pine Tree State to the growing list of states offering program to provide coverage to those whose employers do not offer a plan.
, introduced by Sen. Eloise Vitelli (D-Sagadahoc), passed the Maine House of Representatives and Senate on June 17.
The measure requires each covered employer to allow its covered employees to decide whether or not to contribute to a payroll deduction Roth IRA by automatically enrolling them but with the opportunity to opt out. Covered employees who opt out will be automatically reenrolled at regular intervals but will have the opportunity to opt out again. The Maine Retirement Savings Board could expand the options available to employees by also allowing them to contribute to a traditional IRA.