Mandatory Retirement Savings Programs Are Coming to Maine
An ePlan Services retirement plan gives your clients more flexibility and can come with valuable tax credits
Beginning June 30th, new legislation in Maine will require small businesses with five or more employees that don’t currently offer a retirement plan to adopt the state-administered plan or a suitable alternative.
Business owners who don’t comply may face fines of $20-$100 per employee.
Working with ePlan Services can increase your book of business!
The ePlan Services sales team will handle the plan design, setup, and management so your clients won’t have to. You’ll also have access to an excellent sales team to assist with your needs, streamlined plan management tools for your many clients, and simple payroll integration with multiple systems.
An ePlan Services 401(k) Offers
Easy plan setup
Plan setup can be easily completed online so you can focus on helping more clients.
Higher contribution rates
401(k) retirement accounts have higher contribution limits than IRAs—putting more in your clients' pockets down the road.
Potential tax breaks
SECURE Act offers tax credits to employers who start plans, add an auto-enrollment feature, or make contributions.
Tax breaks for small businesses
Your client may think a state-administered savings program is an easy choice. However, they could be missing out on tremendous tax credits in the long run.
As outlined in the improved SECURE Act, Maine business owners could save up to $16,500 plus an additional $1,000 for employer contributions.
ePlan Services gives clients and advisors plan education and admins services, making plan setup streamlined and simple, so you can spend more time retaining clients and attracting new ones.
Calculate Your Client’s Potential Tax BreakThis link will open in a new tab
Let’s see how ePlan Services stacks up against your state’s plan
Yes: up to $5,000 + $1,000 employer contribution credit (per employee)
IRAs do not qualify
Yes
Matching is not permitted
Yes
The state manages the plan solely
Yes
Restricted options
$23,500 + $7,500 in catchup contributions if eligible
$7,000 + $1,000 in catchup contributions if eligible
Ready to seize this opportunity?
With the implementations of the MERIT program, comes a greater demand for compliant retirement plans.
Collaborating with us can help you gain the trust of your clients while increasing your credibility as a trusted financial advisor.
Are you ready to work together?
