Gov. Patrick signs nonprofit retirement options bill into law
Governor Deval Patrick signed a bill on Thursday, March 22 that will allow employees at small nonprofit organizations to join a retirement plan managed by the state treasurer and receiver general.
The Providers' Council had been a longtime advocate for House Bill 3754 -- An Act Providing Retirement Options for Nonprofit Organizations -- and Treasurer Steve Grossman discussed the legislation's potential impact when he visited with the Providers' Council board of directors early last year. Then, in May 2011, the Council submitted testimony to the Joint Committee on Public Service, asking members to give favorable consideration to the bill, which will now help so many employees of nonprofits.
Around 3 p.m. on Thursday, the Governor signed House Bill 3754 into law as Providers' Council President & CEO Michael Weekes (at far left), Rose Quinn from the MetroWest Center for Independent Living (directly to left of Governor Patrick) and others looked on. You can see a signed copy of Chapter 60 of the Acts of 2012 -- the name of the new law. You can also see news coverage of the bill signing from WWLP22 in Springfield.
The Council must thank everyone who has been instrumental in helping this bill become law:
- Governor Patrick for signing this important legislation;
- Treasurer Steve Grossman for continually fighting for the bill;
- Representative Garrett J. Bradley and Senator Jack Hart who sponsored the legislation in its earliest form (House Bill 2411 and Senate Bill 1303);
- The legislative leadership for supporting this bill and helping employees at nonprofit organizations provide for their future;
- Our friends at the Massachusetts Nonprofit Network and The Boston Foundation for their leadership efforts in advocating for this legislation; and
- All of you for talking to your representatives, senators and others to get this bill signed into law.
Nonprofit organizations with 20 or fewer employees are eligible to be a part of this new qualified defined contribution plan. The Council may work with others on efforts to expand this bill to more organizations in the future.
Please e-mail Bill Yelenak at the Council if you have any questions about this legislation or want to know how it will affect your organization.