A Bill to Create an Automatic Retirement Program Deserves a “Yes” Vote

FOR IMMEDIATE RELEASE, 5/21/21

(AUGUSTA, ME)—One of the bills that will come before the House and Senate in the State Legislature soon deserves the support of all Legislators.

LD 1622: “An Act to Promote Individual Retirement Savings through a Public-Private Partnership,” sometimes called the “Work and Save” bill, this legislation would create a program that would allow employees to have 5% of their salary deposited into a Roth IRA, creating a private retirement account for that employee.

Employees can opt out, and the program is portable if and when they move to another employer and provides a vehicle for automatic savings.

It begins with employers who have 25 or more employees. If the bill becomes law, the program would be overseen by a board of directors appointed by the Governor and confirmed by the State Senate.

Sen. Trey Stewart (Co-Sponsor): “LD 1622 is a really commonsense approach solution to a big problem. It’s a great idea. This is a solution that will change lives”

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Contact: Tom Desjardin – 207-416-2230

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