Massachusetts State Treasurer Deborah B. Goldberg is celebrating the inclusion of a key policy priority in the FY26 state budget – an expansion of the CORE Plan, the Massachusetts retirement savings program for small nonprofits. This measure will increase access to the plan, helping nonprofits retain talent and employees invest in their futures.
Launched by Treasurer Goldberg in 2017, the CORE Plan was the first state-facilitated plan of its kind in the United States. The CORE Plan helps Massachusetts nonprofit employees save and invest for a financially secure retirement. The plan is a state-of-the-art multiple employer 401k retirement plan designed specifically for the nonprofit sector in Massachusetts.
Until now, the plan has been limited to organizations with 20 or fewer employees. The newly passed provisions will expand access to nonprofits with up to 100 employees, significantly broadening the program’s reach and impact across Massachusetts. The inclusion of this policy in the budget follows legislation filed earlier this year by Treasurer Goldberg and championed in the legislature by Representative Ann-Margaret Ferrante and Senator Joan Lovely.
“This is a major step forward in ensuring those who work in the nonprofit community have a meaningful opportunity to save for retirement. It is a sensible and important move toward financial security for so many in our state,” said Treasurer Deborah B. Goldberg. “I am grateful to the Governor and the Legislature for acting on our shared commitment to supporting the dedicated people who help make our communities stronger.”
“Non-profits do essential work in our communities, making them happier, healthier, and helping them thrive,” said Senator Joan Lovely. “Non-profit workers are motivated by their love for their communities and their work, so it is vital that we help them plan for the future. Expanding the CORE Plan will not only benefit non-profit employees by helping them plan for retirement but will also allow non-profits to stay competitive while seeking skilled workers.”
“Nonprofit employees dedicate their careers to strengthening our communities, and it is critical that they have the tools to prepare for a secure retirement,” said Representative Ann-Margaret Ferrante (D-Gloucester). “Expanding the CORE Plan to include organizations with up to 100 employees means more workers will gain access to high-quality retirement savings options. I’m proud to have partnered with Treasurer Goldberg to advance this policy in the FY26 budget.”
For many of Massachusetts’ nonprofit organizations, the cost and resources required to administer an in-house retirement plan can create prohibitive challenges, making the CORE Plan an essential offering from the state. The structure of the plan allows each adopting organization to join under one plan and trust, while the Office of the State Treasurer and its partner Empower assume most administrative responsibilities. In addition to the eligibility expansion, the budget authorizes the Treasurer to accept private donations and fundraised contributions to help defray program expenses, enabling broader outreach and sustainability.
Currently, 2,400 employees at over 240 small nonprofits participate in the CORE Plan, and more than 80% of participating nonprofits are offering employer contributions to bolster their employees’ savings. Furthermore, nearly 85% of employers adopting the CORE Plan are start-ups, meaning they did not offer any retirement benefits outside of Social Security prior to adopting the CORE Plan.
For more information about the CORE Plan, visit https://www.mass.gov/core-plan-for-nonprofits