27 This bill makes the following changes to the Maine Retirement Savings Program.
1. It changes the definition of "covered employer" so that it includes all employers who hire employees.
2. It allows covered employers who may have offered a workplace retirement plan within the past 2 years to participate in the program.
3. It allows the Maine Retirement Savings Board to phase in the program based on the number of employees rather than based on the size of employers as provided in current law.
4. For employers who become required to participate in the program after the start date of the program, it clarifies that the employer is required to participate in the program within a time frame established by the board.
5. It clarifies that covered employers that fail to enroll are subject to an annually increasing penalty.
6. It changes when the Maine Retirement Savings Board is required to submit an audited financial report to the Governor, the Treasurer of State and the Legislature from
41 beginning February 1, 2026 and annually thereafter to beginning July 1, 2026 and annually
42 thereafter.
7. It allocates funds to the Maine Retirement Savings Program Enterprise Fund.

Statutes affected:
Bill Text LD 355, SP 141: 5.171, 5.173, 5.179