Attorney General lauds signing of Senator Vitelli bill to help Mainers save for retirement

June 24, 2021

AUGUSTA - Attorney General Aaron M. Frey lauded the passage and signing of a bill to create the Maine Retirement Savings Program. The bill, LD 1622, was sponsored by Senate Majority Leader Eloise Vitelli and will receive initial funding from settlement funds obtained by the Office of the Attorney General (OAG). It will create a private-public partnership to enable Maine workers who do not have retirement savings plans through their employer to contribute to a Roth IRA.

"I am pleased to assist in the genesis of this important program with one-time funds which will have a life-long positive impact on Mainers for years after the money is spent," said Frey. "I applaud Leader Vitelli for sponsoring this initiative and working tirelessly to shepherd it into law."

Under the terms of the legislation, the OAG will transfer $1.6 million from funds received pursuant to the multistate settlement agreement in The Matter of Moody's Corporation, Moody's Investors Services, Inc. and Moody's Analytics, Inc. signed February 3, 2017 to the Maine Retirement Savings Program Enterprise Fund established in the Maine Revised Statutes, Title 5, section 178.

LD 1622 was signed into law by Governor Mills today. It provides for Maine workers to begin making contributions to the program by April 2023.