Massachusetts
In 2012, the Massachusetts Defined Contribution CORE Plan (“CORE” Plan) was signed into law by Governor Patrick. The program was launched in October of 2017; it is a voluntary Multiple Employer Plan (MEP) specifically for non-profit organizations.
Legislative Summary:
N/A
Program Description:
A voluntary Multiple Employer Plan (MEP) for non-profit organizations with 20 or fewer employees.
Affected Employers:
Program is voluntary, but only non-profit organizations with 20 or fewer employees may register.
General Requirement:
A non-profit organization with 20 or fewer employees, operating in the state of Massachusetts that does not currently offer a workplace sponsored retirement plan, and maintain good standing with the state.
Launch Status:
October 27, 2017
Full Implementation:
January 1, 2021
Compliance Deadline:
N/A
Non-Compliance Penalties:
N/A
Employer Costs:
Optional
Employee Costs:
$65 annual fee, and administrative fees based on percentage of plan assets
Investments:
Default 12 CORE age-appropriate Target Date Funds; professionally managed account option available for a fee.