State-Sponsored Retirement Program in Massachusetts

Massachusetts does not have a statewide, mandatory retirement savings program but the following options can be offered to construction employees.

The CORE Program

The CORE Program, or the Community Outreach and Resource Engagement Program, is a federal initiative designed to support community-based organizations (CBOs) in providing services to low-income individuals and families. It is part of the Department of Housing and Urban Development (HUD) and is administered by the Office of Public Housing Programs.

Key objectives of the CORE Program

• Enhance CBO capacity: To strengthen the capacity of CBOs to deliver effective services to low-income residents.
• Promote resident self-sufficiency: To help low-income residents achieve self-sufficiency through various programs and services.
• Strengthen community partnerships: To foster partnerships between CBOs, public housing agencies, and other community stakeholders.

Services offered through the CORE Program

• Resident services: May include employment training, financial literacy, education programs, and housing counseling.
• Community development: May involve activities like neighborhood revitalization, affordable housing development, and community organizing.
• Supportive services: May provide assistance with transportation, child care, and other essential needs.

Eligibility for CORE Program funding

• Community-based organizations: Must be non-profit organizations with a demonstrated track record of serving low-income residents.
• Public housing agencies: May also apply for CORE Program funding to support their own CBO partners.

Funding opportunities

• Grants: The CORE Program provides grants to eligible CBOs to support their programs and services.
• Technical assistance: The program also offers technical assistance and training to help CBOs strengthen their capacity and effectiveness.

Private Retirement Plans

Construction owners can offer private retirement plans to their employees, such as:

401(k) Plans

Employer-sponsored retirement plans that allow employees to contribute a portion of their salary and potentially receive employer matching contributions.

Individual Retirement Accounts (IRAs)

Personal retirement accounts that individuals can open and contribute to.  

Benefits

These plans offer tax advantages, investment options, and potential employer-matching contributions.

Small Business Retirement Plans

For smaller construction businesses, there are specialized retirement plans available, such as:

Simplified Employee Pension (SEP) IRA

A retirement plan that allows employers to contribute to employees' traditional IRAs.

Solo 401(k)

A retirement plan designed for self-employed individuals and their spouses.

This information has been referenced from the following sites: 1

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