In June 2021, Maine signed a bill into law to create the Maine Retirement Savings Program. Under the program, private-sector employers that don't offer a retirement plan must provide their employees the option to contribute to a Roth IRA from their paychecks. Maine is the 9th state in the nation to add this program.
Join us as we welcome Beth Bordowitz, Executive Director of the Maine Retirement Investment Trust, as she overviews the program, the requirements for employers, and the timeline of the program rollout.
Nearly half of all private-sector workers in Maine - about 235,000 people - do not currently have access to an employer-sponsored retirement savings program, according to AARP data from 2015. Currently, more than one-third of Maine residents age 65 and older depend on Social Security Benefits without any retirement savings.
About our Speaker: Beth Bordowitz is the Executive Director of the Maine Retirement Savings Board. She has previously served as the Vice President, Legal and Administration for the Forman S. Acton Educational Foundation from its inception in 2014 through 2018.
Beth served as the CEO of the Finance Authority of Maine (FAME) for 7 years after serving as General Counsel to FAME. While at FAME, Beth was instrumental in the development and implementation of numerous programs, including the State of Maine's venture capital fund and the state's College Savings Program, the NextGen College Investing Plan.