Program details for employers
All Maine employers who have been in business for at least 2 years, have 5 or more employees, and don’t offer a qualified retirement plan for their employees are required by law to facilitate MERIT.
Employers with 15 or more employees
Your registration deadline is:
4/30/24
Employers with 5-14 employees
Your registration deadline is:
6/30/24
How do I get started?
You’ll be notified by MERIT when it’s time for your business to register. To begin, you’ll need:
Your Federal Employer Identification Number (EIN)
The MERIT Access Code from your notification
Registration information
If you are unable to find the Access Code for your business, you can look it up online.
Not sure if your plan qualifies for exemption?
A list of qualified retirement plans and other questions about eligibility can be found in our FAQ section.
Already offer a retirement plan?
MERIT was created for employers that don’t currently offer a qualified retirement savings plan for their employees. If you already offer one, you can simply certify your exemption here.
Your role in three simple steps
We know that running your business is your top priority. That’s why MERIT is easy to set up and requires only light account maintenance. The process takes just three quick steps. We’ll take care of the rest, at no cost to you.
Onboard your company for MERIT
There are just a few steps you need to take to get started. Take a look at this video to get you acclimated:
Resources
Registration
Contributions
Maintenance
Things you will NOT be responsible for
As an employer, you’ll have a limited role in facilitating MERIT so you can stay focused on running your business.
You will not be responsible for:
Enrolling employees into their MERIT Roth IRA.
Answering questions about MERIT and its investment portfolios, or helping employees choose investments.
Processing distributions from employee investment accounts.
Managing MERIT investment options and processing employee investment change requests.
Managing employee investment account changes. Your employees will be responsible for maintaining their account information and settings if enrolled.