Maine's Capital Area

Learn about Maine's New Auto-IRA Program

Beth Bordowitz, Executive Director of the Maine Retirement Savings Board

March 20th | 9:00-10:30AM

$15 for Members | $20 for Non-Members

Light snacks and beverages provided

Kennebec Valley Chamber
105 Second Street, Hallowell

Please join the Kennebec Valley Chamber and Beth Bordowitz from the Maine Retirement Investment Trust as we discuss this exciting new program available to assist small business owners and their employees in saving for retirement as well as other retirement  options for self-employed individuals and their employees.

Starting in 2024, You Will Be Required to Enroll in MERIT if:

• You are a Maine business with 5 or more employees AND
• You don’t already have a retirement savings plan in place for your employees

How it Works:

• 5% of your employee’s paycheck will be deducted and contributed to a Roth IRA that follows them from job to job
• There is no requirement to match contributions or any other cost to the employer
• Registration will be quick and easy, through an online portal

MERIT Off­ers Flexibility in Retirement Savings:

• Employees are automatically enrolled in MERIT but can opt out of enrollment
• Contributions go to a personal Roth IRA, which is available to the employee wherever they work
• Employees can change their contribution to the account or can opt out

A short bio:

Beth Bordowitz is the Executive Director of the Maine Retirement Savings Board charged with developing and implementing the Maine Retirement Savings Program known as MERIT.  Beth served as the CEO of the Finance Authority of Maine (FAME) from 2007 to 2014 after serving as General Counsel to FAME. While at FAME, Beth was instrumental in the development and implementation of numerous programs, including the State of Maine’s venture capital fund and the state’s College Savings Program, the NextGen College Investing Plan.  Beth served as a Peace Corps Community Development Volunteer in North Macedonia from 2018 to 2020.

Sponsored by: Kennebec Savings Bank