Thinking of enrolling in MaineSaves, the State of Maine’s voluntary retirement savings plan? Great! You’re taking the first step toward building a more secure future for yourself. While you can enroll in the plan whenever you want, there’s no time like the present! Here’s what you need to do.
The plan features three providers—MassMutual, VALIC, and Voya (formerly known as ING)—each of which offers a variety of funds in which you can invest your savings. These providers will also help you manage and maintain your MaineSaves account. You can make contributions through only one provider at a time.
For help in choosing a provider, see My Investment Options. There, you can compare providers and learn more about the investment fund options available to you.
You should also feel free to call the local representatives directly and ask any questions you may have. Knowledge is power, and speaking with each local representative can arm you with the information you need to make the right decision. You can find the phone numbers for local representatives in the contact lists below.
|• MassMutual Contact List||• VALIC Contact List||• Voya Contact List|
What if you change your mind? Don’t worry—you can change providers at any time.
Before enrolling, you should choose the amount you will contribute to the plan. To get an estimate for how much you will need to save now for retirement, see My Resource Center for helpful calculators and examples. The minimum you may contribute to the plan is $20 per biweekly payroll period. The most you can contribute depends on your age and where you are in your career, see Annual Contribution Limits for more information.
Once you’ve chosen a provider to manage your MaineSaves account, picked your investment options, and decided how much to contribute, all you need to do is enroll online through your provider’s self-guided enrollment system. As part of the process, each provider will ask you to designate a beneficiary to receive payment of your plan account balance in the event of your death. If you die without designating a beneficiary, your plan account balance will become part of your estate. Please note: The most recent beneficiary designation will override any previous elections submitted online or on paper.
Note: You can make contributions through only one provider at a time. The State will stop any contributions to another plan provider once a new election is processed.
You will be asked to enter a User ID and PIN:
First, enter the access code for State of Maine employees: 0251301. Then click “Enroll.”
VALIC Enrollment Guide
You will need to enter your Social Security number and PIN the first time you log in. Your default PIN is initially set as the four-digit month and year of your birth (mmyy). You will then be asked to create a personalized User Name and Password for ongoing use.
Voya Enrollment Guide
Some Elections Cannot Be Made Online
If you would like to make any of these elections, you will need to work with your local representative. These elections cannot be made online.
- The 5% Enrollment Option: This option is available ONLY for elected and appointed positions not participating in the pension plan with the Maine Public Employees Retirement System (MainePERS).
- The Three-Year Pre-Retirement Catch-Up: This option is available to employees within three years of their normal retirement date. Please check with your local representative for eligibility.
- Vacation Pay Deferrals: This is an option for employees who are approaching retirement and have extra vacation time built up. Please check with your local representative for eligibility.
After You Enroll
If you’ve decided to contribute to MaineSaves, congratulations. You’ve made a great decision! Here’s what happens next.
- Your chosen provider will open your account and notify the State to arrange for your pre-tax contributions to be made by payroll deduction.
- The State will send your contributions directly to the provider you selected to be placed in your account. Note: New enrollments will be processed for the first available pay of the following month.
- Your provider will invest your contributions in the options you selected. You direct how your dollars are invested, and any gains or losses on your investments are applied to your account.
You can use your provider’s website to change the amount you contribute, change how your contributions are invested, transfer funds between investments, update your beneficiary designation, and help you plan for retirement throughout the year.
- For more information on each provider’s products and services, please contact the local representative directly at the appropriate phone number listed above.
- If you need help understanding how the plan works, you should review the Frequently Asked Questions (FAQs). If you still have questions after reading the FAQs, please contact your local representative or call Employee Health & Benefits at (207) 624-7380 or 1 800-422-4503.