Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener 401(k) match, vesting and fees
What Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener's 401(k) plan says about matching contributions
The Participating Employer, as elected in their adoption agreement, may elect to make a safe-harbor contribution to the Plan. If elected, the Participating Employer contributes 100% of the Participant’s elective deferral that does not exceed the first 3% of the Participant’s Compensation for the Plan year, plus 50% of elective deferrals that does not exceed the next 2% of the Participant’s compensation for the Plan year. The Participating Employer, as elected in their adoption agreement, may alternatively elect to make a safe harbor nonelective contribution to the Plan. The contribution may not be less than 3% of each eligible Participant’s compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 54 ↗ |
| Match vesting | Participants are immediately vested in contributions plus actual earnings thereon. | Audit report, p. 54 ↗ |
| Automatic enrollment | Eligible employees who do not affirmatively elect to participate in the Plan as described above are automatically enrolled in the Plan as participants, contributing 6% unless an eligible employee declines participation. Employees enrolled via default will be automatically increased each Plan year by either 1% or 2%, depending upon the election made by the participating employer, until the employee reaches 15%. | Audit report, p. 53 ↗ |
| Roth contributions | Eligible employees are permitted to elect to have a percentage or dollar value of their compensation contributed as pre-tax or Roth contributions to the Plan. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Subject to the provisions of the Internal Revenue Code (IRC), the Plan offers participants the option to elect an in-Plan Roth contribution conversion. | Audit report, p. 53 ↗ |
| Recordkeeper | Empower Annuity Insurance Company | Schedule C ↗ |
| Independent auditor | Cliftonlarsonallen, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 17 defined-contribution plans in public administration with 1,000 to 4,999 participants.
| Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener: employer contribution per participant | $1,431 | |
| Peer median | $1,505 |
| Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener: average balance | $19,458 | |
| Peer median | $35,263 |
| Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener: admin expenses ÷ assets | 0.22% | |
| Peer median | 0.24% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $31M at the end of plan year 2023 to $44.7M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 2,772 | $44.7M | $3.3M | $1,431 | 0.22% | Quoted in the audit report, p. 54 ↗ | Form 5500 ↗ |
| 2023 | 2,322 | $31M | $2.6M | $1,435 | 0.23% | Not published | Form 5500 ↗ |
Common questions
Does Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener match 401(k) contributions?
The audit report attached to the Massachusetts Defined Contribution Core Plan's plan year 2024 Form 5500, page 54 says: “The Participating Employer, as elected in their adoption agreement, may elect to make a safe-harbor contribution to the Plan. If elected, the Participating Employer contributes 100% of the Participant’s elective deferral that does not exceed the first 3% of the Participant’s Compensation for the Plan year, plus 50% of elective deferrals that does not exceed the next 2% of the Participant’s compensation for the Plan year. The Participating Employer, as elected in their adoption agreement, may alternatively elect to make a safe harbor nonelective contribution to the Plan. The contribution may not be less than 3% of each eligible Participant’s compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 54 says: “Participants are immediately vested in contributions plus actual earnings thereon.”
Who manages the Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Empower Annuity Insurance Company. The plan administrator is Nppg Fiduciary Services LLC.
I left Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Nppg Fiduciary Services LLC, (732) 758-1577) or the recordkeeper, Empower Annuity Insurance Company. The Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener old 401(k) page lists the contacts from every plan filing. Find an old Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener 401(k)
Data from the public Form 5500 annual reports Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Commonwealth of Massachusetts Office of the Treasurer & Receiver Gener. Not financial advice. Report a correction · Methodology