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ME LD1283
Bill
AI Summary
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Changes Maine Retirement Savings Program from automatic enrollment with opt-out to voluntary enrollment where covered employees must actively elect to participate in payroll deduction IRAs
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Replaces automatic re-enrollment of non-participants with periodic opportunities to enroll, offered at intervals determined by the board but no more than annually
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Maintains default contribution rate of 5% of salary/wages for employees who enroll and elect not to specify a different rate, with ability to unenroll or change contribution amounts at any time
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Retains employer penalties for failing to enroll employees who elect to participate: $20 maximum per employee (July 2025-June 2026), $50 (July 2026-June 2027), and $100 (after July 2027)
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Adds requirement that program participants are responsible for ensuring their account information is accurate and up to date
Legislative Description
An Act to Allow Employees Covered Under the Maine Retirement Savings Program to Elect to Enroll and Unenroll in a Payroll Deduction for an Individual Retirement Account
Financial Institutions
Last Action
Placed in the Legislative Files. (DEAD)
6/10/2025