Massachusetts Secure Choice Savings Program

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

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