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.
Plan setup can be easily completed online so you can focus on helping more clients.
401(k) retirement accounts have higher contribution limits than IRAs—putting more in your clients’ pockets down the road.
SECURE Act offers tax credits to employers who start plans, add an auto-enrollment feature, or make contributions.
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 admin services, making plan setup streamlined and simple, so you can spend more time retaining clients and attracting new ones.
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
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?
Calling all financial advisors! Starting June 30th, Maine is rolling out its new MERIT savings program.
Beginning June 30th, 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).
Seasoned financial advisors like you can go above and beyond by estimating your business-owner clients’ eligibility for tax credits right in front of them by using our SECURE Act Tax Credit Estimator.
