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Matt Gaetz resigns from Congress, ending ethics probe after Trump nominated him for attorney general; Trump's performance in Maryland keeps other races tight; New research finds Americans like public pensions; WI wave of racist texts sparks concerns over data privacy.

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Trump promises a smooth transition this time. South Dakota Sen. John Thune will lead that chamber's new majority, and one failed bill could be an omen of what a GOP trifecta in Washington will bring.

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An urban vote slump, not the rural electorate, tipped the presidential election. Minnesota voters approved more lottery money to support conservation and clean water. And a survey shows strong broadband lets rural businesses boom.

ME worker retirement program hits major savings milestone

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Monday, July 8, 2024   

Supporters of a new state-sponsored retirement savings program in Maine are celebrating a significant milestone.

More than six months after the launch of the Maine Retirement Investment Trust, or MERIT, enrolled employees have saved more than $1 million.

Alf Anderson, associate director for advocacy and outreach at AARP Maine, said the program was created to help the roughly 200,000 private sector workers without access to a retirement plan at their job.

"You know, one of the most important things for people as they plan for retirement," said Anderson, "is having that financial security to be able to do the things they want to do when they do get to that point in their lives. And so, that milestone was really exciting for us to see."

Anderson said businesses with at least five employees can register with MERIT to help set up savings for workers, who would otherwise seek out an independent financial planner.

More than 1,500 employers have already signed on.

Surveys show more than half of Americans are concerned they won't be able to achieve financial security in retirement.

At least 25 states introduced legislation last year to establish new, state-backed retirement plans.

Anderson said the successful rollout in Maine reveals the urgency people feel about planning for the future due to the high costs of food and housing.

"Do I cut back on my medications?" said Anderson. "Do I not eat a certain number of meals today? Like, it's really frightening to see some of the decisions people have to make."

Anderson said the pandemic didn't help - with even more Mainers facing depleted savings accounts and having only Social Security to fall back on when they reach retirement age.

State officials say MERIT could help Mainers for generations to come, and help reduce reliance on public assistance programs.




Disclosure: AARP Maine contributes to our fund for reporting on Consumer Issues, Health Issues, Senior Issues, Social Justice. If you would like to help support news in the public interest, click here.


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