The Massachusetts Defined Contribution CORE Plan (“CORE Plan”) is a multiple employer 401K plan designed specifically for small Massachusetts nonprofits to enable them to provide a cost-effective way to save for retirement without taking on the expense of establishing a plan on their own.
The mission of the CORE Plan is to help Massachusetts nonprofit employees save and invest for a financially secure retirement. Massachusetts nonprofit organizations with 20 or fewer W-2 employees may be eligible to adopt the CORE Plan. The Office of the State Treasurer and Receiver General, as sponsor of the CORE Plan, assumes most administrative and investment responsibilities, reducing the burden on participating nonprofit employers.
The CORE Plan features:
- Potentially lower cost for small MA nonprofits;
- High contribution limits;
- Optional employer contributions;
- Oversight and fiduciary support from the Office of the State Treasurer;
- Straightforward administration;
- Protections under ERISA for all participating employees
For more information, you can register for an informative overview of the CORE Plan, on Tuesday, October 25, from 12:00-1:00 p.m. If you can’t attend, you can request a recording of the presentation. See: https://www.mass.gov/event/the-massachusetts-401k-core-plan-for-small-nonprofits-money-talk-tuesday-2022-10-25t120000-0400-2022-10-25t130000-0400
More information is available at the following links: