Maine Retirement Investment Trust

IMPORTANT INFORMATION FOR YOUR BUSINESS

What is Maine Retirement Investment Trust?

More than 200,000 Mainers do not have a chance to save for retirement at work. Maine Retirement Investment Trust (MERIT) helps bridge that gap. It is an organization that was established to implement a public-private retirement savings program for Maine employees who do not have access to a retirement savings plan through their employer. This organization is the result of legislation that was enacted in 2023 and that went into effect in January 2024. This has an impact on businesses that employ five or more people in the State of Maine and that do not currently offer a retirement plan.

The legislation requires these companies to withhold a portion of their employees’ paychecks and to submit them to MERIT to be invested in a retirement plan. Employees are automatically enrolled but have the option to opt out if they so choose. Employers cannot opt out their employees.

This FREE webinar will provide information about the program and the timing associated with implementation in 2024. This includes the registration deadline for employers of April 30, 2024. It is being offered by the Mid-Maine Chamber as an opportunity for its small businesses and employees to learn more about the program and to better understand the enrollment process and the process for employees to opt out if they choose to. The guest speaker is Elizabeth Bordowitz, executive director of the Maine Retirement Savings Board. Q & A will be allowed. For more info about this program, go to www.meritsaves.org .

Mid-Maine Chamber of Commerce is inviting you to a scheduled Zoom meeting.

Topic: Mid-Maine Chamber of Commerce's Zoom Meeting- MERIT

Time: Mar 28, 2024 09:00 AM Eastern Time (US and Canada)

Join Zoom Meeting

https://us02web.zoom.us/j/85265392759?pwd=YW0rNkRMNm1OWHIxNG94OFZ3VGZJZz09

Meeting ID: 852 6539 2759
Passcode: 256210
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Meeting ID: 852 6539 2759

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