The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program.
The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it, as did five of the Republican representatives. The House Commerce Committee had approved the bill on May 3; Rep. Kyle Mullins (D-Lackawanna County) had introduced it on March 20.
The chamber’s action puts Pennsylvania one step closer to becoming the next state to establish a state-run retirement plan that provides coverage for private-sector employees whose employers do not offer a plan.
The bill also would create the Keystone Saves Program Fund, the Keystone Saves Administrative Fund and the Keystone Saves Program Advisory Board. It further addresses the powers and duties of the state Treasury Department in relation to the program, including investment and fiduciary responsibilities and implementation.
HB 577 is available here.
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