A semilinear parabolic equation with constraint modeling the dynamics of a microelectromechanical system (MEMS) is studied. In contrast to the commonly used MEMS model, the well-known pull-in phenomenon occurring above a critical potential threshold is not accompanied by a breakdown of the model, but is recovered by the saturation of the constraint for pulled-in states. It is shown that a maximal stationary solution exists and that saturation only occurs for large potential values. In addition, the existence, uniqueness, and large time behavior of solutions to the evolution equation are studied.