An Act To Advance The Maine Retirement Savings Program

This bill requires most Maine employers without a retirement plan to offer the Maine Retirement Savings Program to eligible employees, starting December 31, 2024. It expands the definition of "covered employer" to include businesses that haven't offered a retirement plan in the past two years (excluding government entities and very small businesses). Employers failing to enroll face escalating penalties: $20 per employee in year one, $50 in year two, and $100 in year three. The bill also allocates $350,000 for the program's 2025-26 fiscal year and mandates annual financial reports starting July 2026.