Sen. Vitelli celebrates appointments to Maine Retirement Savings Board

Posted: February 14, 2022 | Senator Vitelli

AUGUSTA – On Monday, Gov. Janet Mills announced her appointments to the Maine Retirement Savings Board, the entity charged with developing the Maine Retirement Savings Program to help working Mainers prepare for retirement.

Sen. Eloise Vitelli, D-Arrowsic, issued the following statement in response:

Sen. Eloise Vitelli

“Too many Mainers arrive at their golden years with too little in the bank because there aren’t enough tools to help them save during their working years. This new program will help working Mainers plan for their future, will allow small businesses to offer an additional benefit to new and existing employees, and will save the state money in the long run as fewer seniors will need to rely on assistance programs to get by. These appointments are a major step forward in making this program a reality and in making saving easier for working Maine people. I’m grateful to Gov. Mills for her thoughtful consideration and thankful to the new board members for their dedication to taking up this important task.”

The establishment of the Maine Retirement Savings Board is the result of last year’s passage of LD 1622, “An Act To Promote Individual Retirement Savings through a Public-Private Partnership,” which was sponsored by Sen. Vitelli. The board is tasked with developing, implementing and maintaining the Maine Retirement Savings Program. The program offers a way for working Mainers to contribute to a Roth IRA directly from their paycheck. Employers who don’t offer their own retirement savings plans will facilitate a deduction for their employees, straight from their paycheck. These employers cannot contribute any funds to the plan. The deducted funds go into a Roth IRA, following participants from job to job until that person is ready to retire. At least six other states have similar programs.

Board members are appointed by the Governor for four-year terms and are subject to final confirmation by the Senate. The board is required to begin meeting monthly no later than May 2022.