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The Massachusetts state legislature passed a bill on Monday that would allow the state treasurer to set up a 401(k) plan for not-for-profit agencies. The bill gives the state treasurer the power to do research regarding the status of retirement programs available to not-for-profit employees and see if there is any appeal to creating a program for their benefit.

The treasurer and receiver general, on behalf of the commonwealth, may sponsor a qualified defined contribution plan within the meaning of section 414(i) of the Internal Revenue Code, according to the bill. To participate in the plan, not-for-profits must sign a participation agreement, agree to the terms of the plan and operate the plan in compliance with the tax code and the Employee Retirement Income Security Act.

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