This is a reminder for employers in Maine with 5 to 14 employees regarding the deadline to register with the Maine Retirement Savings Program (Program) or certify an exemption. The deadline to take action is June 30, 2024.
The law requires covered employers that do not offer a retirement plan to automatically enroll eligible employees in a state-run Roth Individual Retirement Account (IRA) plan.
Employers who already offer a qualified retirement plan may be exempt from the Program but will still need to certify this exemption through the Program’s website.
The Program was originally scheduled to launch in phases beginning in 2023. However, it was delayed to 2024. The Program’s final rule (effective November 22, 2023) creates a new implementation schedule, assigning covered employers two deadlines based on the number of employees they have. The first registration deadline was April 30, 2024, for employers with 15 or more employees.
After December 31, 2024, new employers covered by the Program will have 12 months to register with the Program.
Next Steps
Covered employers who need to register or certify exemption must complete the employer verification on the Program’s website. To register or certify an exemption employers will need their Employer Identification Number (EIN) and Access Code which was mailed to them by the Maine Retirement Saving Board. Employers who have not received an access code should contact the state at 1-833-608-8811 for additional assistance.
