Pennsylvania Treasurer Joe Torsella, along with Sens. Pat Browne (R-Lehigh) and Art Haywood D-Montgomery and Reps. Matt Bradford (D-Montgomery), Mike Driscoll (D-Philadelphia) and Mike Peifer R-Pike/Wayne), recently unveiled the final report on the proceedings of the Treasury Private Sector Retirement Security Task Force.
The report outlines the findings from four informational hearings held by the Task Force and recommends the creation of a state-facilitated automatic individual retirement account (Auto-IRA) program as a solution to Pennsylvania’s private sector retirement security crisis.
A state-facilitated Auto-IRA would allow private employers not currently offering retirement savings to provide access to portable, retirement savings options. The approach would be at no cost to employers and allow voluntary participation by self-employed individuals.
“Pennsylvania is facing a crisis in retirement security for private sector workers and retirees,” Torsella said. “One that—absent legislative action—will not only hit our state coffers, but also some of our most vulnerable citizens. By offering an easy, convenient way to save for their retirement, we’re doing something much bigger than simply avoiding costs we can’t afford to the state budget. We’re actually helping to reknit a fraying sense of community in our state. I commend Senators Browne and Haywood and Representatives Bradford, Driscoll, and Peifer for their leadership, and I strongly urge the General Assembly to take action on this commonsense solution.”