Get answers to frequently asked questions

All eligible Maine are currently able to register for MERIT. There is no need to wait until their deadline. As your deadline approaches, we’ll send you an invite and reminder via email or mail. Then, simply enter your EIN and the Access Code that we send you. Until then, learn more about the program and prepare to offer your employees this retirement savings opportunity.

Employers that offer a qualified retirement plan are not required to participate in the program, but they need to certify their exemption. Simply start the process by providing your EIN and your Access Code. Then, in the space provided, certify that you offer a plan.

First, you’ll be asked to provide certain information about your business and employees. We ask only for the basic information necessary to set you up as an employer and to set up your employees' accounts. Once added to the program, your employees will receive information, including instructions on how to make account changes or opt-out if they wish. After that, you’ll start the payroll contributions for the employees who choose to stay in the program.

That depends on how many employees you have and whether you enter their information manually or use the batch upload feature or payroll system integration for multiple employees. Once employees are entered into the system, just update your payroll processing to include employee contributions, which are seamlessly deposited into each employee’s account. We’ve created a helpful video about the entire registration process.

Your employees will receive information directly from the MERIT program and can choose to stay automatically enrolled in MERIT or opt out; they have 30 days to decide after you add them to the program. If they stay enrolled, the payroll deductions that they elect and that you set up for them in your employer portal will start as soon as your next payroll. If they choose to opt out, they will be removed automatically from the program and can always rejoin later.

Employees can contribute to their MERIT account through multiple employees. Simply provide basic information about the employee, and MERIT will use the information to direct new contributions to the employee’s existing account. 

It means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and will be listed as an active employee on your report to send payroll contributions. Employees who are automatically enrolled in the program will have the default contribution settings elected.

You should not provide any advice about the program or investments. Your responsibility is to facilitate the program only. Instead, advise the employee to visit MERITSaves.com. You could also suggest that the employee speak to a competent financial or tax advisor.

Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are paper forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer service team is also available if your employees need any additional help or have other questions.

Employers that choose to introduce a qualified retirement plan after enrolling employees in the MERIT program should contact our client services team at 1-833-608-8811 and request to “unregister.” We will begin the process of exempting your business from the program and adjusting your employees’ accounts as needed. You should communicate what is happening to your employees and inform participating employees that they can still access their MERIT account after you’ve exempted out of the program.