Many of us grew up hearing the phrase, “a penny saved is a penny earned.” Yet for many Mainers, being able to save seems out of reach.
LD 1622, “An Act to Promote Individual Retirement Savings through a Public-Private Partnership,” was approved by the Committee on Health Coverage, Insurance and Financial Services with overwhelming and bipartisan support. It will be brought to a vote by the Legislature in a few weeks.
This bill creates the system for working Mainers to begin to automatically save for their own financial future. This retirement savings account will follow individuals throughout their working years, providing independence and security when they retire. The employer has neither a requirement to contribute to the plan, nor any fiduciary responsibility.
This is not a pension plan; it is a savings plan partnered by state and one or more professional financial institutions. It allows employees to easily begin the process of saving for their future automatically while still working.
Oregon and Illinois offer similar programs with great results at nominal cost and no liability to the employer. This would not increase taxes nor require any state funding beyond what has already been allocated by the Attorney General’s Office, becoming self-sufficient after a few years. Additionally, the more employees save, the less they will need to depend upon state and federal assistance programs as they age.
Our legislators should support LD 1622. Working and saving is a win-win for all of us.
Joyce Bucciantini, Greene
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