Meet Maine’s retirement mandate with a simple, powerful Guideline 401(k).
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The Maine Retirement Investment Trust (MERIT) was established in 2023. It requires Maine employers with 5+ employees to offer the state-sponsored plan or a qualified alternative like a Guideline 401(k).5 Compare your options
April 30, 2024
June 30, 2024
Meet the mandate and more with a Guideline 401(k)
Get started in 20 minutes. We’ll help you choose a plan that meets the mandate and your business’s goals.
Integrations with payroll providers means no need to maintain deductions or manually re-enter payroll data.
You and your team get access to live support, guided employee onboarding, a mobile app, and more.
Retirement plan type
Starter 401(k)
Roth IRA
Maximum employee contributions for 20246
$6,000
$7,000
Employee asset-based fee
0.15%
($15 for every $10,000)7
0.20%
($20 for every $10,000)8
Additional active employee fees
None9
$26/year account fee
(charged quarterly at $6.50 each quarter)9
Monthly employer fee
$39 / month + $4 per participant
None
Investment options
40
15
(Including Target Date Funds)
Professionally managed portfolios
6
0
Employer match
No
No
Profit Sharing
No
No
Keep your business in compliance. Set up a Guideline 401(k) in just 20 minutes.
Starter 401(k) plans do have limitations like lower contribution limits and no employer contributions. If you’d like to set up a plan with more options and flexibility, you may want to consider Core or Enterprise.10
Guideline makes administering a 401(k) almost completely hands-off. In a couple of clicks you’re off and running.Client of Guideline. Views may not be representative of other clients.
Get a retirement plan you and your team will love
See our Privacy Policy to learn how we use and protect your information.
(888) 228-3491
9am - 7pm ET, Mon - Fri
The MERIT (Maine Retirement Investment Trust) was created to encourage more people to save for retirement. It requires Maine employers with 5 or more employees to provide access to a retirement plan. The plan can either be a private plan like a 401(k) or the state-sponsored plan.
For companies with 15+ employees, the deadline is April 30, 2024.
For companies with 5-14 employees, the deadline is June 30, 2024.
You are eligible to participate in the MERIT Program if:
Yes. All of Guideline's 401(k) plans are designed to satisfy state program requirements and are priced to be affordable for businesses of all sizes.
While it is possible for a plan to convert from a Starter 401(k) to a standard 401(k) plan at Guideline, the transition cannot take place until the beginning of the next calendar year. Learn more here.