ME LD355

Expands "covered employer" definition to include all employers who hire employees in Maine and removes the 2-year lookback period for employers who previously offered retirement plans

Lowers the employee threshold from 5 to 3 employees before employers are required to participate in the Maine Retirement Savings Program

Establishes escalating penalties for employers who fail to enroll: $20 per employee in year 1, $50 in year 2, and $100 in year 3 and beyond

Transfers $625,000 from the General Fund to the Maine Retirement Savings Program Enterprise Fund ($350,000 by June 30, 2026 and $275,000 by June 30, 2027)

Delays the annual audited financial report submission from February 1 to July 1, beginning in 2026