Starting in spring 2024, business owners with 5+ employees will be required to register to offer a workplace retirement program through the Maine Retirement Investment Trust (MERIT).

The MERIT program helps employees without an employer retirement plan save for retirement by requiring an automatic payroll deduction of 5% of W-2 wages to a Roth IRA. This program costs employers nothing.

Enrolling

MERIT is funded by the employee through payroll deduction to a Roth IRA account. Your business will receive an email prompt in January 2024 about registering with MERIT or entering your exemption online.

• MERIT is free for employers
• MERIT is funded only by the employee. Employer contributions are not permitted.
• Employees are in control of their account, contributions and investment choices.
• Contributions are made through payroll deduction to a Roth IRA account that follows the employee.

Important Dates

• Jan. 2024 | Your business will receive an email prompt to register with MERIT
• April 30, 2024 | Registration deadline for employers with 15+ covered employees
• June 30, 2024 | Registration deadline for employers with 5-14 covered employees
• Jan. 1, 2025 | Program launch

Learn more at MERITSaves.org.