L.D. 1622 Legislative Update
[Updated 6/24/2021]
UPDATE: Governor Mills has signed L.D. 1622 into law.
My grandfather used to tell me that the most important issues in life are usually the boring ones. They don’t grab headlines and the talking heads on cable TV rarely talk about them because, well, they’re not very entertaining. But getting these important issues right can change lives.
#SavingForRetirement isn’t exactly “sexy,” as far as search criteria or hashtags go. Most of us know we *should* do it, many of us wish we *could* do more of it, and a few of us struggle to save much at all, whether it’s because we make just enough to cover the necessities, or we’re simply trying to pay back debt in the form of credit cards, student debt, or a mortgage.
One reason many don’t save for retirement today? They don’t have a chance to do it. In Maine, more than 200,000 workers don’t have access to any retirement savings program through their employer. No 401k. No pension. This matters because for more than five decades, savings rates haven’t budged despite numerous public education campaigns. What does work is simply allowing more workers to save directly, automatically, and easily from their paycheck.
This is where L.D. 1622 can be a game changer for the financial health of Maine’s communities.
Last week, L.D. 1622 “An Act To Promote Individual Retirement Savings through a Public-Private Partnership”—better known as Work and Save—passed the Maine State Legislature in an overwhelming bipartisan House vote of 130-11 in favor. Let’s first say how rare it is to see such strong support for a bill of this nature. We are thrilled to see Maine legislators coming together around such a practical response to the need to make it easier for working Mainers to save for their future. It really is something everyone can get behind.
This kind of victory would not be possible without the tireless efforts of the legislature, and the best way to keep our legislators energized in the fight for Mainers is to let them know how much we appreciate their work. Click here to drop a note to your local representative and tell them how much their hard work during this unusual session means to you!
Why is Work and Save so important to the future success of all Mainers? We’ve covered this in more detail in another post, so we encourage you to check it out here.
The important piece of news is that this bill arrives on Governor Mills’ desk ready to be signed into law, with strong bi-partisan support. The governor is expected to give the bill her attention sometime in the coming week.
A big shout-out to our digital army of grassroots volunteers and advocates who continue to work behind the scenes (and behind the screens) in a virtual effort to inform, educate, and respond to legislators each step of the way. If you’d like to be a part of efforts like this right here in Maine, drop us a note at ME@aarp.org with the subject line, “I’m in!” We’d love to have you.
Click here to read the final language of L.D. 1622 as it is on Governor Mills’ desk.
UPDATE: Governor Mills has signed L.D. 1622 into law.
