MERIT Webinar - Save the Date
Wednesday January 17, 2024
1-2 PM
Dear Chamber Members,
Did you know that in 2024, all business owners with 5 or more employees will be required to be enrolled in the new Maine Retirement Investment Trust? The Penobscot Bay Regional Chamber of Commerce, in collaboration with Rockland Main Street, will host an informative webinar on January 17th to help you understand the new legislation.
As your trusted Chamber of Commerce, we are always working to ensure our members are well informed of upcoming changes to national, state, and local policy that may have an impact on how you do business.
MERIT is a result of An Act to Promote Individual Retirement Savings Through a Public-Private Partnership, which passed the Maine legislature in 2021. Rulemaking has now been completed and statewide implementation will begin in January.
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-sponsored 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. Employees have the option to choose from the Program's other investment options. 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.
Learn more and get your questions answered:
Join the Penobscot Bay Regional Chamber of Commerce for a free webinar on January 17 at 1 PM. MERIT Executive Director Elizabeth Bordowitz will be presenting information on the program and will offer time for questions and answers for attendees.
Join Zoom Meeting
https://us06web.zoom.us/j/89182939375?pwd=aopz8UgDzYJyZba8WQ4l5qBZ9lMbW2.1
Meeting ID: 891 8293 9375
Passcode: 349839
You can visit the MERIT website here ahead of time.
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