Retirement Plans For Nonprofit Employees

Frank Leonard and Howard Nellhouse from Heritage Retirement Planning

Massachusetts State Treasurer Tim Cahill refiled House Bill 78 which addresses retirement plans for Nonprofit Organizations.  House Bill 78 would authorize the Treasurer to give nonprofit organizations the opportunity to opt into a deferred compensation/401(k) plan.  The program that would be established by HB78 is modeled on the state’s SMART (Save Money and Retire Tomorrow) Plan, a voluntary 457 deferred compensation retirement plan offered by the Treasurer’s office to state employees.  According to the Massachusetts Nonprofit Network (MNN), This bill is beneficial to the nonprofit community as a whole, and while no opposition has been expressed, it has not yet moved in the Massachusetts State House Ways and Means Committee.  They are encouraging Nonprofits to write to their State Representative and Senator to support this bill.  You can get a draft of a proposed letter from MNN by sending an email to them at info@massnonprofitnet.org and requesting information.

Retirement Plans can be complicated and confusing.  If you would like to learn more about retirement plans for Nonprofit Organizations please sign-up for our next meet-up August 17th in Quincy.  We will have experts Frank Leonard and Howard Nellhaus from Heritage Retirement Plans there with a short educational presentation.

Join us for our next Networking for Non-Profit Event in August!