Expands Maine Retirement Savings Program to include more employers and phases in penalties for non-compliance.

This bill amends the Maine Retirement Savings Program to broaden the definition of "covered employer" to include all employers who hire employees. It allows employers who previously offered a workplace retirement plan to participate in the program. The Maine Retirement Savings Board can phase in the program based on the number of employees rather than employer size. Employers who become required to participate after the program's start date must offer the program to their employees by December 31, 2024.

Expands Maine Retirement Savings Program to include more employers and phases in penalties for non-compliance.

This bill amends the Maine Retirement Savings Program to broaden the definition of "covered employer" to include all employers who hire employees. It allows employers who previously offered a workplace retirement plan to participate in the program. The Maine Retirement Savings Board can phase in the program based on the number of employees rather than employer size. Employers who become required to participate after the program's start date must offer the program to their employees by December 31, 2024.