Maine LD1283 would allow employees to enroll and unenroll in a payroll deduction IRA under the Maine Retirement Savings Program.
Maine LD1283 amends the Maine Retirement Savings Program to allow employees to choose whether to enroll in a payroll deduction IRA, with the option to unenroll at any time. The bill requires employers to offer this choice to employees and sets penalties for employers who fail to enroll eligible employees without reasonable cause. Employees must ensure their account information is accurate and up to date. The bill also authorizes the Maine Retirement Savings Board to adjust the default contribution rate.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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