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341 Beneficiary Distribution Election Form
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About Us
Our mission is to empower workers to establish and increase retirement savings through an automatic, low-cost, trusted retirement plan benefitting Maine workers, employers and taxpayers. More than 200,000 Mainers do not have access to retirement savings through work. MERIT helps bridge Maine’s...
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Account Maintenance Form
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Am I eligible for the Saver's Credit from the IRS?
You may be able to take advantage of the Saver's Credit if you meet the eligibility requirements. The Saver's Credit is a federal tax credit you can get for making contributions to your retirement plan. For more information, visit here. You may also want to consult with a tax expert or financial...
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Are my employees who live in other states eligible for Maine's program?
Yes, if their employment is based in Maine.
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Are my investments guaranteed to earn?
All investing involves some risk, and there is no guarantee of earnings. The MERIT program offers a range of investment types to help you choose options that balance different levels of risk. Usually, a Capital Preservation Option will have lower risk and potentially lower rates of return. When...
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Are there additional withdrawal restrictions beyond normal Roth IRA restrictions?
The only withdrawal restrictions for MERIT accounts are those set by the federal government for any Roth or Traditional IRA. Please consult a tax expert or financial advisor about your circumstances.
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Are there any fees for employers to participate?
There are no employer fees. Also, employers are neither required, nor permitted, to match employee contributions to the program.
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Are there income limits to participate in MERIT?
Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your...
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Are there legal protections from creditors for my funds?
Your account is structured as an IRA and may be protected from creditors. Circumstances vary, and you should consult with an appropriate expert if you need specific guidance.