Massachusetts CORE Plan continues to enroll and benefit nonprofits across the state
BOSTON - Treasurer Deborah Goldberg has announced that the 50th and 51st nonprofit employers have adopted the CORE Plan. The Connecting Organizations to Retirement (CORE) Plan, was launched in partnership with the Massachusetts Nonprofit Network as the nation’s first state-administered multiple employer retirement program for nonprofits with 20 employees or fewer.
For many Massachusetts nonprofit organizations, the cost and resources required to administer an in-house retirement plan can create prohibitive challenges. As the CORE Plan Sponsor, the Massachusetts State Treasury assumes most administrative responsibilities and offers financial support to keep costs low for both employers and employees.
“At small employers, access to quality retirement plans is often limited due to a lack of resources”, said Treasurer Deborah Goldberg. “The CORE Plan helps to close the retirement coverage gap within this critically important sector of the Massachusetts economy, and provides retirees and their families financial stability and security after leaving the workforce”.
“In just a short amount of time, we are excited to have over fifty nonprofit organizations embrace this program and demonstrate how deeply they value their employees”, said David Lynch, Executive Director, Massachusetts CORE Plan. “The CORE Plan is proud to serve the retirement needs of our valued nonprofit partners across the state and we look forward to serving even greater numbers of nonprofits in the future”.
“This is a great milestone”, said Jim Klocke, CEO of Massachusetts Nonprofit Network. “For many nonprofits, it’s a challenge to offer competitive employee benefits. The CORE Plan provides small nonprofits with an affordable way to invest in their employees. We’re proud to work with Treasurer Goldberg and our partners to promote the CORE Plan.”
According to the U.S. Bureau of Labor Statistics, the nonprofit business sector in Massachusetts ranks as the fifth largest in the nation and represents nearly 18 percent of the Commonwealth’s economy, accounting for 1,404,000 private sector jobs. For more information about the CORE Plan visit www.ma-employer-core.com.