‘Sec. 1. 5 MRSA c. 7-A is enacted to read:
MAINE SMALL BUSINESS RETIREMENT MARKETPLACE
§ 171. Short title
This Act may be known and cited as "the Maine Small Business Retirement Marketplace Act."
§ 172. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
§ 173. Maine Small Business Retirement Marketplace established
The Maine Small Business Retirement Marketplace is established to connect eligible employers and their employees with approved retirement plans for the purpose of promoting greater retirement savings for private-sector employees in a convenient, low-cost and portable manner. The marketplace must offer approved plans beginning January 1, 2019 in accordance with the requirements of this chapter.
(1) A target date fund or other similar fund, with asset allocations and maturities designed to coincide with an enrollee's expected date of retirement; and
(2) A balanced fund.
(1) A retirement plan that provides for employer contributions to participating enrollee accounts;
(2) A payroll deduction individual retirement savings arrangement open to all employees, to which the employer does not contribute;
(3) A myRA plan; and
(4) A life insurance plan that is designed for retirement purposes.
Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.
TREASURER OF STATE, OFFICE OF
Administration - Treasury 0022
Initiative: Provides funding for one Public Service Coordinator I position, consulting fees, web development costs and associated administration fees to design, implement and oversee the Maine Small Business Retirement Marketplace.
POSITIONS - LEGISLATIVE COUNT
|GENERAL FUND TOTAL||$0||$183,900|