Most Maine public employees are in, or have the option of joining, one of the defined benefit retirement plans MainePERS administers. Defined benefit plans provide a great basis for a secure retirement. Another equally important piece of a secure retirement is contributing to a supplemental retirement savings plan throughout your work life. MaineSTART offers two types of supplemental, tax-deferred savings plans to employees of Participating Local Districts whose employers offer them and public school teachers with participating employers:
- 457 Deferred Compensation Plan
- 401(a) Defined Contribution Plan
While different, both plans offer the same investment options and work similarly to provide you with a tax-deferred retirement savings program.