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V O L . X X X I N O. I I JA N UA R Y 2 7 , 2 0 2 5 20 W E A LT H M A N A G E M E N T / R E T I R E M E N T Bordowitz says the program offers employers an easy-to-use opportu- nity to provide retirement savings for employees — an opportunity they can offer at no risk to themselves. "Many employers understand the importance of starting retirement sav- ings early and are glad to be able to do that for their employees," she says. e program galvanizes employers to consider the most suitable work- place retirement savings opportunity for them. "Many employers will use MERIT, but others will use it as an opportunity to consider the best option and many have chosen to provide another type of workplace retirement plan where they can offer a match," she says. Filling a gap For many employees, she says, MERIT helps to close the retirement plan cover- age gap, particularly those working for small businesses that might not previ- ously have had that access. "Many young employees under- stand the importance of starting early to save for retirement and they are happy to have an easy way to do that," she says. Participants can contribute to the program through payroll deductions, making it convenient and easy to save for retirement. "Studies show that people are more likely to save for retirement if it is easy through a payroll deduction," she says. If the shoe fits … Lewiston-based Quoddy Shoes is another long-time small business, dating back to 1947. After a dormant period, in 1997 it was relaunched by Kirsten and Kevin Shorey, who traded corporate jobs near Washington, D.C., for life in Maine, where Kevin grew up and has family roots. e footwear is hand-sewn and the couple relocated the business to Lewiston to find consistent, quality hand-sewing services. Today, the company has 19 employ- ees, who produce up to 10,000 pairs of shoes yearly. "We've hired and hired and trained a lot of local people," says Kirsten Shorey. "Not everybody knows how to make shoes. Parents and grandparents were once involved in the shoemaking indus- try in Maine, but not so much anymore." e couple registered in MERIT early last year. "It was really easy," she says. Few of their employees had ever been offered a retirement saving plan before. "In the beginning, just a few employ- ees enrolled," she says. "I was surprised more people didn't take advantage of it. But some people are skeptical. And at the time I was offering it, some families felt like they couldn't squeak out the funds. But I'm hoping to enroll more this year." Painless process From the employee standpoint, the program appears to be painless. "e people who enrolled are contributing by payroll deduction and it's painless because they make the decision once Stay connected! Receive news, information, and analysis about Maine's business community through e-newsletters that provide a quick update on the most important statewide business news. Sign up for Mainebiz email newsletters Stay informed on statewide real estate and development news with the Real Estate Insider. Catch up on the most talked about Maine business news with our Weekly Report! Don't miss the top business news in Maine with the Daily Report! SIGN UP TODAY AT MAINEBIZ.BIZ/ENEWSLETTERS P H O T O / T I M G R E E N WAY Elizabeth Bordowitz, center, MERIT's executive director, with Quoddy Shoes owners Kevin and Kirsten Shorey. Kirsten says enrollment in MERIT was painless. » C O N T I N U E D F RO M P R E V I O U S PA G E F O C U S

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