State Democrats hold retirement security meeting

State Reps. Mike Hanna (D-Clinton/Centre) and Mike Sturla (D-Lancaster) along with state legislators from throughout the state recently held a House Democratic Policy Committee hearing on retirement security in Bellefonte.

More than 2 million Pennsylvania workers do not have access to a retirement savings account.

People who struggle to make ends meet have not adequately saved for retirement, Sturla, who serves as Policy Committee chairman, said.

As a solution, Hanna introduced a bill in February 2017. The bill would create the Keystone Retirement Security Program. Employers with five or more employees that do not offer a retirement plan would be required to provide enrollment in the program.

The program would be voluntary for employees. Those who participate would have a portion of their pay automatically deducted and deposited into a Treasurer’s Office account.

The savings accounts would be managed like PA529 college savings accounts.

“Retirement security is a serious issue, and we as legislators have a responsibility to do what is in the best interest of all Pennsylvanians,” Hanna said. “Ignoring this issue would have devastating effects on both future retirees and the financial well-being of the state.”

The bill is under consideration by the House Finance Committee.

The policy committee is holding public hearings and meetings across the state.