Editorial: Keystone Saves can build retirement savings for millions of Pennsylvanians – By John Scott (Triblive) / December 17, 2021
In a promising step for the millions of Pennsylvanians who want to save more for retirement, members of the Pennsylvania General Assembly on Dec. 13 announced the Keystone Saves Program Act, which would allow workers whose employers don’t offer a retirement plan to save for retirement.
This opportunity to help working Pennsylvanians save for the future, combined with the need to avoid state budget crises, has galvanized the support of a broad bipartisan coalition of forward-thinking leaders, including Treasurer Stacy Garrity (R), Rep. Tracy Pennycuick (R-147), and Rep. Mike Driscoll (D-173).
If it adopts Keystone Saves, Pennsylvania will join 10 other states — California, Colorado, Connecticut, Illinois, Maine, Maryland, New Jersey, New York, Oregon and Virginia — that have enacted similar laws creating “automatic IRA” programs. Participants in these public-private programs are saving an average of around $100 a month. And although that may not sound like much, it’s a huge win for workers who will generate significant savings to supplement their Social Security.
