New Member Benefit: Massachusetts 401(k) CORE Plan

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MNN is excited to announce a new member benefit in 2021! You may be familiar with the Massachusetts 401(k) CORE Plan – the retirement plan that the Commonwealth of Massachusetts built for small nonprofits, currently available to organizations with 20 or fewer employees. It’s an easy and affordable way to offer your employees a quality benefit without you (the employer) having to take on a lot of legal responsibilities. Since we know you wear many hats, the CORE Plan was designed so that the Commonwealth (not the employer) is the Named Fiduciary of the Plan, and as such, they take on the vast majority of fiduciary responsibilities.

The CORE Plan is a retirement plan designed especially for nonprofits in Massachusetts just like yours. It offers unique features, including:

  • Administrative oversight and fiduciary support from the Office of the State Treasurer.
  • Automatic enrollment and auto-escalation features to help make it easy for employees to start saving early and grow savings.
  • A competitive fee structure.

We know you know that your employees are your most important asset, and should be afforded the opportunity to save for retirement through a workplace savings plan. Because the CORE Plan and MNN are both committed to the well-being of the nonprofit sector in Massachusetts, we are teaming up to offer a group discount only available to MNN members on the CORE Plan.

Beginning January 1, 2021, the CORE Plan will offer a $500 discount off the plan start-up fee for Massachusetts Nonprofit Network (MNN) members with 20 or fewer employees.

If you have any questions about this member benefit, please contact MNN’s Programs and Services Manager, Madeleine Morgan, or Lisa Cardinal at Empower Retirement.