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Keystone Saves lets Pennsylvania employees construct a safe retirement

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By Staff , in Retirement Accounts , at December 22, 2021



Pennsylvania faces quite a lot of financial and monetary challenges ensuing from employees not saving sufficient for his or her retirement. To make issues worse, many small companies can’t afford to start out a retirement plan for his or her workers — or don’t have the capability to manage one.

However Pennsylvania is working towards an answer. It’s referred to as Keystone Saves, and it’s a daring and sensible proposal led by a broad bipartisan coalition of forward-thinking leaders, together with Treasurer Stacy Garrity (R), Rep. Tracy Pennycuick (R- Montgomery), and Rep. Mike Driscoll (D- Philadelphia). Introduced earlier this month, Keystone Saves addresses the state’s fiscal and retirement challenges by offering a fundamental, no-cost retirement profit that may assist small companies keep aggressive.

Keystone Saves is designed for the roughly two million Pennsylvania non-public sector employees who don’t have entry to a retirement financial savings plan at their office. Like different employer-based retirement plans, this system depends on an worker’s common payroll contributions to fund their very own particular person retirement account (IRA). However not like different plans, Keystone Saves could be a public-private partnership — with investments professionally managed by a third-party monetary agency overseen by the state, and with charges stored low by way of the economies of scale that include a statewide program that has lots of of hundreds of contributors.



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