Get answers to frequently asked questions

MERIT is a retirement savings program created for Maine's nearly 940,000 workers without access to employer-sponsored retirement savings plans. Here are answers to many of the common things we’ve been asked. If you have questions beyond these, we’re here to help.

Do employers have to facilitate this State program?: Yes. Under Maine law, Maine employers will be required to offer their employees some sort of retirement savings. This can be a traditional pension, a 401(k) plan, a 403(b) plan, a SEP Plan, a SIMPLE IRA plan, a governmental deferred compensation plan — or an account from MERIT.
Do other states have programs like this?: Yes, similar programs have been active in other states since 2017. For the last on state activity, we encourage to visit the Georgetown Center for Retirement Initiatives
What is considered to be a qualified, employer-sponsored retirement plan?: An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.
Where can I find a copy of the Program Disclosure Booklet?: The MERIT Program rules are posted here.
Will services be available in other languages?: Yes, the call center will offer assistance in English and Spanish, with access to translation services for other languages.
Where can I change my password or set up multi-factor authentication?: Once you log in, select “Security Center” from the dropdown menu next to your profile icon in the upper right corner of the screen. You can also go to your profile and select the “Open Security Center” button next to Login settings. From here, you can make any changes to your account that have to do with your login credentials.