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Bill

S 2166

An Act relative to the 401(k) CORE plan

194th Legislature (2025-2026) Introduced by Joan Lovely

Massachusetts proposes creating a 401(k) CORE state retirement savings plan to expand retirement access for workers lacking employer-sponsored plans.

Bill reported favorably by committee and referred to the committee on Senate Ways and Means
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Bill Summary · S 2166

Legislative bill overview

S 2166 proposes to establish a 401(k) CORE (Comprehensive Outsourced Retirement Education) plan in Massachusetts, likely designed to address retirement security gaps for workers in the private sector, particularly small business employees and self-employed individuals who lack access to employer-sponsored retirement plans. The bill would create a state-facilitated retirement savings program to help close coverage gaps in retirement preparedness.

Why is this important

Approximately 40% of American workers lack access to workplace retirement plans, making them less likely to save adequately for retirement. Massachusetts establishing such a program could serve as a model for other states and would provide a low-cost, accessible savings vehicle for underserved workers. This addresses a significant public policy challenge around retirement security and reduces potential future demand on state social safety nets.

Potential points of contention

  • Cost and implementation: Questions about state administrative costs, whether employers or workers bear fees, and whether the program is self-sustaining or requires state subsidies
  • Employer participation and mandates: Whether businesses would be required to participate or offer the plan to employees, potentially creating compliance burdens on small employers
  • Market competition: Whether a state plan would compete with private retirement products and savings plans already available to consumers, and industry concerns about market displacement

Compiled from official sources — confirm details with the bill’s official record.

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