Small Maine Employers Must Offer Retirement Plans

On June 24, 2021, Maine became the most recent state to enact a state-sponsored retirement plan. This is part of an active effort by a majority of states to establish retirement alternatives for employers who do not provide existing plans to their employees. With the passing of S.P. 515 certain employers must allow covered employees the ability to choose to contribute to an IRA under the program through a payroll deduction / IRA arrangement.

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