Mainers need an easier way to save for retirement, and employers need a better way to attract employees. Large corporations are often chosen as places of employment over small business, because of the range of benefits offered. With L.D. 1622, employers will be given the option to provide a fast and easy way for their employees to save for retirement, at no cost to the business owner.
I have owned my business for over two decades, always in Maine, and we serve clients and groups who are transitioning from their current work situation, either by choice or involuntarily, through a layoff. While in my business, we work with all employment levels and ages of professionals, my specialty is working with individuals 50 and older who are transitioning or retiring from their primary careers.
From the stance of an employer, L.D. 1622 benefits all parties involved. Smaller employers will become more competitive in the marketplace. This measure will also benefit employees to help them plan for retirement, whether they are an older worker and part of Maine’s largest demographic, or young residents of Maine.
With this legislation, employees would be offered the opportunity to have funds sent directly to a retirement savings account with every paycheck. You can carry this savings account with you from job to job, throughout your entire career. L.D. 1622 is beneficial to both the employer and the employee. I urge readers to contact their legislators about this bill.
Barbara Babkirk
Portland
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