The Sebago Lakes Region Chamber of Commerce is proud to announce the return of our breakfast educational series. Sessions are specifically designed to give any sized business, from small to large the tools needed to achieve optimal success! Coffee and breakfast snacks included!
The January session is information regarding Maine’s Retirement Investment Trust – MERIT. All business owners with 5 or more employees will be required to be enrolled. To attend this informative session, complete the REGISTRATION below.
MERIT is a result of An Act to Promote Individual Retirement Savings Through a Public-Private Partnership, which passed the Maine legislature in 2021. The Pilot Program has been operating since October 2023 and the Program will be available statewide starting in January 2024.
Why is this important to our communities? Currently, over 200,000 Mainers do not have access to retirement savings through their employers. A retirement savings plan can offer Mainers a more secure retirement and will save the state money in the long run by reducing public assistance spending for Maine retirees.
How does it work? All Maine employees not currently enrolled in an employer-supported retirement plan will have 5% of their checks automatically deducted and added to a Roth IRA target year account concurrent with their projected retirement age. These retirement savings will follow employees from job to job. Employees can easily change the percentage of their paycheck that goes into their account or they can choose to opt out of the program completely. There is no program cost to employers.
