More than 230,000 Maine workers have no access to a retirement savings program through their employer, and working households in Maine average only $3,000 in retirement savings, according to information compiled by Maine’s Senate Majority Leader Eloise Vitelli. One in three Mainers age 65 and older rely on Social Security as their only source of income, resulting in their possible need for public assistance later in life.
LD 1622, “An Act to Promote Individual Retirement Savings Through a Public-Private Partnership,” provides a common sense solution for working Mainers to save for their own retirement through a simple payroll deduction option. Employers do not contribute to these plans — they simply facilitate the payroll deduction. It’s a win-win situation for the employee and the employer.
Maine is the “oldest” state in the country. Wouldn’t it be wonderful if the majority of retirees in Maine could live comfortably above the poverty line? LD 1622 is the vehicle which will provide for a brighter future for all Mainers.
Kathy Jacques, Lewiston
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