Massachusetts legislation that would create Secure Choice, is now before the Rules Committees of both chambers of the Massachusetts’s legislature. The program would include an IRA program and a Multiple-Employer Retirement Plan. More details will be released.
| Feature | State IRA Plan | Employer Sponsored 401k |
| Plan Type | IRA or MERP | Pre-tax, Roth AND Employer Contributions |
| Contribution Limits | May be varied | $23,000 (plus more if over age 50) |
| Compliance | Not currently available | Compliant with state program |
| Eligibility | Not currently available | Employer controls eligibility requirements |
| Plan Costs | Not currently available | Dependent on type of plan design chosen. |
| Tax Deductible | NO | Employer contributions are tax deductible |
| Tax Credit Available | NO | Plan costs qualify for available tax credits |
| Default Contribution | Will be set | Employee choice |
| Auto Escalation Feature | Not currently available | NO |
| Minimum Employees to Participate | Not currently available | Any Number |
| Investments | Not currently available | More than 25 funds in a variety of Morningstar categories |
