Mass. State Sen. Clark calls for retirement plans for nonprofit workers
According to the Boston Foundation, 56 percent of small nonprofit organizations do not offer retirement plans for their employees. This impacts employees at more than 3,050 small nonprofits throughout Massachusetts.
This past week, the Committee on Public Service, which Sen. Katherine Clark chairs, held a hearing on an act to provide retirement options for nonprofit organizations. This legislation would allow nonprofit employees to make voluntary contributions to a 457 deferred compensation plan that would be overseen by the Treasurer’s Office.