The Maine Retirement Savings Program was signed into law in June 2021 to require covered employers that do not offer a specified tax-favored retirement plan (e.g., 401(k), 403(b)) to automatically enroll covered employees in a state-operated Roth individual retirement plan. “Covered employee" means an individual who is at least 18 years old, who is employed by a covered employer, and who has wages or other compensation in Maine during a calendar year.
Covered employers are responsible for withholding, by payroll deduction, and remitting participating employees' contributions into the Maine Retirement Savings Program Enterprise Fund. Covered employers with at least 25 covered employees were required to begin offering the Maine Retirement Savings Program by April 1, 2023. Additionally, covered employers with 15 – 24 covered employees must offer the program by October 1, 2023. Moreover, covered employers with 5 – 14 covered employees must offer the program by April 1, 2024.
2021 Bill Text ME – SB 515A»
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