Pennsylvania eyes retirement-savings plan for its portfolio
Pennsylvania Treasurer Joe Torsella
(Harrisburg) — With Pennsylvania facing a wave of retirees leaving the workforce with no savings, top state officials are working to head off the financial blow.
A task force organized by Treasurer Joe Torsella has spurred an effort that now has key state lawmakers writing legislation to create a potentially sweeping retirement savings program that would be administered by Pennsylvania’s Treasury Department.
An estimated 2.1 million people in Pennsylvania, representing one-third of the workforce, work for employers offering no retirement savings accounts or pension plans.
Torsella says the program could be life-changing for people who have no retirement savings.
Plus, he says it would help businesses offer retirement security to their employees and help the state’s finances.
Details of forthcoming legislation are yet to be worked out.