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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.