Maine Retirement Investment Trust (MERIT) Reaches Year-One Milestone

Maine Retirement Investment Trust (MERIT) Reaches Year-One Milestone of $10 Million Saved for Maine Employees

Augusta, ME – Maine Retirement Investment Trust (MERIT) is pleased to announce a considerable milestone towards their mission to secure the financial future of working Mainers. In just over a year since its full launch in January 2024, MERIT has helped over 12,500 Maine employees save 10 million dollars towards their retirement.

MERIT represents an easy and free way for Maine employers to provide retirement savings opportunities for their employees. And for Maine employees, they represent an easy workplace retirement savings program that follows from job to job.

“For a small employer it is so hard to offer employees any additional benefits or a retirement plan - and they deserve to have a trusted retirement program,” says Maine State Treasurer, Joseph Perry. “The State makes it easy. Once an account is set up, it mostly takes care of itself, employees are in and they are saving money. I am so delighted that the MERIT program is available and working for Mainers’ financial security.”

MERIT’s newest milestone marks one-step closer to closing the retirement savings gap for Mainers. Working with MERIT, employers can give their employees increased job satisfaction through financial security. Maine residents receive a seamless and efficient way to save so they no longer have to face uncertainty for the future of themselves and their families.

As MERIT grows, its focus remains on expanding access to retirement savings and educating employers and employees about the program's benefits. MERIT aims to reach even more employees, ensuring that everyone in Maine has the opportunity to build a financially secure retirement. Their next steps will be to reach out to employers who have recently met the five-or-more-employee threshold, notifying them registration will be necessary by June 30, 2025.

"Congratulations to our partner, MERIT, on this incredible milestone. It's wonderful to see the profound impact this retirement savings program has had on individuals across the state,” says Aaron Schumm, Founder and CEO of Vestwell. “The message is clear—when employees have access to simple, seamless savings solutions at work, they embrace the opportunity to secure their financial future."

For more information about the MERIT program and how it can benefit your organization, please visit meritsaves.com or contact client services at clientservices@MERITSaves.com or 833-608-8811.