BOSTON — Treasurer Goldberg, in collaboration with the Massachusetts Nonprofit Network, this month launched the Massachusetts Defined Contribution CORE Plan. The CORE Plan is a new statewide multiple employer 401(k) retirement plan available to Massachusetts nonprofit organizations with twenty or fewer employees.
“I am proud to launch the CORE Plan in partnership with the Massachusetts Nonprofit Network for organizations across the state,” said Treasurer Goldberg. “This innovative savings plan will help nonprofit employees save for retirement, while minimizing fees and charges that can significantly impact long-term savings.”
The CORE Plan incorporates best practices focused on the importance of saving and investing for retirement. Key features include administration and oversight provided by the Office of the State Treasurer on behalf of participating employers, fiduciary assistance to the state’s small nonprofits, professionally developed investment options, and automatic enrollment among others. These features allow participating nonprofit organizations the ability to focus on the primary duties of their organization while offering a comprehensive retirement benefit to their employees.
Treasurer Goldberg earlier this month received the Excellence and Innovation Award from Pensions & Investments for her work shepherding in the creation of the CORE Plan.
“The Massachusetts Nonprofit Network (MNN) congratulates Treasurer Goldberg and her team for receiving the Innovation Award at the Pensions & Investments West Coast Defined Contribution conference,” said Jim Klocke, CEO of MNN. MNN represents nonprofits across the Commonwealth. “The Treasurer and her team have worked tirelessly over the past several years to develop the CORE plan, an exciting new retirement plan that will benefit thousands of nonprofit organizations and employees across the Commonwealth.”
The Massachusetts Defined Contribution CORE Plan was established under Chapter 29, Section 64E of the Massachusetts General Laws. To learn more, contact your local CORE Plan representative at (877) 630-4015 or visit us at www.ma-employer-core.com