Pa. lawmakers propose new retirement-savings plan

HARRISBURG, Pa. (WHTM) – Two Pennsylvania lawmakers are proposing a state-managed retirement savings plan for people who don’t have employer-sponsored programs to build their nest eggs.

Sen. Art Haywood (D-Philadelphia/Montgomery) says he and Sen. John Eichelberger (R-Blair/Cumberland/Franklin) have a proposal where all employees who do not have a retirement plan at work would be automatically enrolled in the state plan.

Haywood said the state plan would be professionally managed without high fees, and contributions would be deducted from paychecks before taxes. There would be no maximum contribution, and the minimum contribution would be just $25 per month.

He said employees would have investment options, and employers could – but would not be required to – contribute to an employee’s savings.

He said several states have similar plans.

Get breaking news, weather and traffic on the go. Download the ABC27 News App and the ABC27 Weather App for your phone and tablet.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s