Financial Advisors: Help Your Maine Clients Stay in Compliance Today 

Financial advisors: more and more states are mandating that employers provide a retirement savings program and Maine is no exception. Beginning June 30^th, Maine will require all businesses with five or more employees to register for the state-administered savings program or provide their employees with access to a qualified retirement plan, such as an ePlan Services 401(k). Not only does an ePlan Services 401(k) satisfy the state’s requirements, but it can also prove more advantageous for you and your clients overall. Allow us to explain.  

Key Takeaways:  

• Maine will implement a retirement savings mandate for businesses with five or more employees beginning June 30^th.  

• You can help your clients choose wisely by recommending an ePlan Services retirement plan.  

• ePlan Services can also boost your book of business and help build your credibility.  

Why is Maine implementing a retirement plan requirement?  

40% of Maine’s work sector does not have access to retirement savings. To address this issue, Maine has implemented a retirement savings mandate. Businesses with five or more employees are required to either provide an employer-sponsored retirement plan or register with the Maine Retirement Investment Trust (MERIT), a state-administered ROTH IRA. The consequences for non-compliance  range from a written warning to costly fines.  

How can ePlan Services help your clients?  

An ePlan Services retirement plan is just what your clients need to satisfy the state’s requirements and gain financial benefits in the long run. Unlike a state-administered IRA, an ePlan Services retirement plan allows for flexibility in managing your plan, higher contribution rates, employer matching options, and the potential for tax credits.  

We also help take the guesswork out of retirement plan management by providing an array of educational resources and a knowledgeable support team. Plus, our participant dashboard allows your clients’ employees to easily check their balances, adjust contribution rates, and even make changes to their investments. Features like this will help make plan management easier and more beneficial for your clients and their employees.  

How can ePlan Services boost your business?  

We understand your time is valuable. That’s why we provide an experienced sales team to help you with your needs and a plethora of plan management tools to suit your client base. Plus, our plans integrate with numerous payroll systems making plan management even easier. By recommending ePlan, you can help make your clients’ lives easier and earn a reputation for excellence.  

Conclusion:  

Your clients will need to choose the right retirement savings option to stay in compliance with Maine’s requirements. Don’t let them choose one that offers few benefits and management options. Instead, recommend an ePlan Services retirement plan that comes complete with valuable resources, easy payroll integration, and potential tax credits. Choosing an ePlan Services retirement plan will benefit your clients and your business by allowing you to work smarter and build your client base quickly.