Frequently Asked Questions
Below you'll find many of the common questions we’ve been asked.
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Employer FAQs
Can my company join the program before its required date?
You can join the program at any time. The required date or deadline, is the date by which you are required to register and facilitate the program or certify your exemption.
To get started, simply visit our sign-up page, then enter your EIN and Access Code. If you have not yet received a notification with your Access Code, you can request one by completing this form.
How Do I Contact MERIT?
To contact support, please call (833) 608-8811 or email clientservices@meritsaves.com.
When can I register?
All eligible Maine are currently able to register for MERIT. There is no need to wait until their deadline. As your deadline approaches, we’ll send you an invite and reminder via email or mail. Then, simply enter your EIN and the Access Code that we send you. Until then, learn more about the program and prepare to offer your employees this retirement savings opportunity. You can also download the Registration Checklist here.
Do employees need to fill out paperwork to enroll or make changes?
Employees are enrolled automatically and do not need to fill out any paperwork. Once enrolled, employees can manage most account functions online. But, if needed, there are paper forms available for certain account changes; these forms can be downloaded, filled out, and sent in. Our customer service team is also available if your employees need any additional help or have other questions.
What does automatic enrollment mean?
It means that if an employee takes no action during the 30 day opt-out window for the program, a Roth IRA will be opened in their name and will be listed as an active employee on your report to send payroll contributions. Employees who are automatically enrolled in the program will have the default contribution settings elected.
Where can I find a copy of the Program Disclosure Booklet?
The MERIT Program rules are posted here.
Saver FAQs
How do I set up my MERIT account online after I’m enrolled?
If you choose to participate, set up your account here and follow the on-screen instructions.
What about expense ratios and fees?
The expense ratios and other information for the funds used in the MERIT retirement savings program can be found on the Investments page.
In addition to the expense ratios, there are also asset-based fees and annual account fees for the Program, regardless of which investment option you choose. These fees and expense ratios go towards managing and running the MERIT retirement savings program and the underlying investments, respectively.
Where can I find information about investments, fees, risks, and other program details?
All program details can be found in our Program Description.
Am I eligible for the Saver's Credit from the IRS?
You may be able to take advantage of the Saver's Credit if you meet the eligibility requirements. The Saver's Credit is a federal tax credit you can get for making contributions to your retirement plan. For more information, visit here. You may also want to consult with a tax expert or financial advisor.
I’m self-employed. Can I set up my own MERIT account?
Yes, if you are 18 or older, have earned income, are employed in Maine, and are eligible to contribute to an IRA, you can open your own retirement account with MERIT here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.
Are there income limits to participate in MERIT?
Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.