The merits of MERIT : a state-run program provides retirement savings to workers who otherwise wouldn't have a plan

Source

Mainebiz

Date

1-27-2025

Pages

18-21

Abstract

In 2023, MERIT (Maine Retirement Investment Trust) established a partnership with the Colorado SecureSavings Program to begin Maine's state-run retirement savings program. Maine investors benefit from lower fees obtained by being a member pf the partnership. Employees can choose paycheck deduction amounts and investments. The program, resembling a Roth IRA account, helps boost retirement savings for employees of smaller companies- two examples being Len Libby Candies and Quoddy Shoes. Elizabeth Bordowitz, MERIT's executive director, describes the program.

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