Bill > LD355

This bill modifies the Maine Retirement Savings Program to expand and refine its implementation. It broadens the definition of "covered employer" to include all employers who hire employees, and allows employers who may have offered a workplace retirement plan within the past two years to participate in the program. The bill changes the program's rollout strategy, allowing the Maine Retirement Savings Board to phase in participation based on the number of employees rather than employer size. For employers joining the program after its start date, the bill clarifies that they must enroll within a timeframe established by the board. The legislation introduces an escalating penalty structure for covered employers who fail to enroll, with penalties increasing from $20 to $50 to $100 per covered employee over successive years of non-compliance. The bill also shifts the annual audited financial report submission date from February 1, 2026, to July 1, 2026, and allocates funds to the Maine Retirement Savings Program Enterprise Fund, specifically transferring $350,000 by June 30, 2026, and $275,000 by June 30, 2027, to support the program's continued development and implementation.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=355&snum=132