Posted: | February 17, 2015 11:36 AM |
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From: | Representative Michael J. Driscoll |
To: | All House members |
Subject: | Study Independently Administered IRAs for Private Sector Employees |
In the near future, I will be introducing a resolution that will direct the Legislative Budget and Finance Committee to conduct a study and issue a report on the feasibility and cost effectiveness of implementing an independent board charged with administering voluntary Independent Retirement Accounts (IRA) for private sector employees. According to a 2014 Federal Reserve study, 30.9% of Americans do not have retirement savings or a pension. In addition, a recent report from the Trustees of the Social Security trust fund indicated that the fund will run out of cash in 2033. Both of these facts are very alarming and represent a future cliff for state budgets should retirement savings go unaddressed. Any strain on Pennsylvania’s programs in the future could mean additional hardship and difficult decisions for generations to come. In order to determine the best course of action to address retirement security, I will be introducing a resolution directing the Legislative Budget and Finance Committee (LBFC) to conduct a study of Illinois Secure Choice Savings Program, the California Secure Choice Retirement Savings Trust and any similar state-administered private sector retirement savings program. In addition, the LBFC will issue a report that:
As fiscal stewards of the Commonwealth, it is incumbent upon us to protect the financial viability of the Commonwealth for current and future generations. Please join me in co-sponsoring this important legislation. |
Introduced as HR220