Last week, the House approved HB 577, the Keystone Saves Program Act, which would create a state-facilitated automatic enrollment retirement savings program for employees that do not have access to an employer sponsored retirement program. This proposal, which is supported by PA State Treasurer Stacy Garrity (R-PA), would create a state mandate on employers.
Under the proposal, employers would be mandated to register with the state. Under current state and federal law, private businesses are not required to offer retirement plans to their employees. NFIB recently balloted our Pennsylvania membership on the topic of a state-run automatic IRA program, with 84% of the membership opposing this concept.
