With a deep commitment to the nonprofit sector in the state, the Commonwealth of Massachusetts created a retirement plan specifically for small nonprofits with 20 or fewer employees (at the time of adoption). 

The Massachusetts 401(k) CORE Plan was built for and is tailored to the Massachusetts nonprofit community. The Office of the State Treasurer sponsors the Plan and meets regularly with an advisory board made up of public benefit and nonprofit leaders across the state to stay apprised of the interests of the sector and to make sure the Plan continues to meet to the needs of the nonprofits it serves. The Commonwealth also acts as a Plan Fiduciary, so the organizations enrolled in the Plan don’t have to shoulder most of that role. This makes the CORE Plan an easy way for nonprofit leaders to offer their employees a quality, affordable benefit, without having to take on a lot of extra work. Employees are a nonprofit organization’s greatest asset. Offering a retirement plan is an effective way to attract, retain, and reward key talent.  

Small Nonprofits Banding Together

Since it can be difficult for small nonprofits to find a quality, affordable retirement plan program when searching as a single employer, the CORE Plan allows nonprofits to band together and benefit from scale. This arrangement is called a Multiple Employer Plan (MEP). A MEP allows the nonprofit to participate in a more robust program at a lower cost than they might otherwise access as a single employer. Nonprofits have an ethos of working together. The CORE Plan embodies this spirit. 

Click here to watch a 30 second video from Jim Klocke, the head of Massachusetts Nonprofit Network.

Why Should My Nonprofit Join the CORE Plan?

This Plan was built for you, with the understanding that those of you at small nonprofits wear many hats and don’t have a lot of time to spend running a retirement plan. With the CORE Plan, the vast majority of fiduciary responsibilities and liability are transferred off of your plate and over to the Commonwealth. The Office of the State Treasurer is very committed to the nonprofits of Massachusetts and places great importance on the views and feedback of the employers participating in this Plan.

Here’s what our clients are saying:

“The MA 401(k) CORE Plan is an invaluable tool for small nonprofit organizations and allows those with modest budgets to offer to their staff an essential benefit.  Quality staff are key to nonprofit success, and a strong benefit package is necessary to attract and retain talented team members. This Plan allowed us to offer a valuable retirement benefit at low cost, where other traditional plans were beyond our reach.  Our organization feels good about supporting the long-term financial health of our staff who are supporting the long-term health of the Commonwealth through our organization’s work.”

-Greg, Boston Preservation Alliance

(Testimonials may not be representative of the experience of other individuals and are not a guarantee of future performance or success.)

Learn More

For more information about the CORE Plan, and how you might be eligible for a discount on start-up fees, please contact local representative, Lisa Cardinal, at lisa.cardinal@empower.com or 617-510-4036. If you already offer your employees a retirement plan, Lisa can help you compare it to the CORE Plan.

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