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02/21/2018 02:41 PM
Pennsylvania House of Representatives
http://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=25119
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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: January 30, 2018 11:28 AM
From: Representative Mary Jo Daley
To: All House members
Subject: Legislation establishing the Pennsylvania Retirement Security Task Force
 
As part of the Plan for PA, I plan to introduce legislation in the near future that would establish the Pennsylvania Retirement Security Task Force. The task force would study, assess, and report on the factors that affect Pennsylvanians’ ability to save for a financially secure retirement and on the feasibility of creating a retirement savings plan for private sector employees.

According to AARP, in Pennsylvania currently 44 percent of private sector employees between the ages of 18 and 64 work for an employer that does not provide a retirement plan. That figure translates to roughly 2.1 million individuals. Only six percent of those without access to a retirement plan had over $25,000 saved, and only three percent had $100,000 saved. In contrast, sixty-two percent of individuals with employer-sponsored pension plans had more than $25,000 in total savings and investments, and 22 percent had $100,000 or more.

We need to do more to help middle class workers to save for retirement in Pennsylvania. The average Social Security benefit is only $1,300 per month. This is not enough for workers to retire on respectably independent of public assistance. My legislation would establish a task force to study, assess, and report on the factors that affect Pennsylvanians’ ability to save for a financially secure retirement, and report on the feasibility of creating a retirement savings plan for private sector employees. The task force would consist of appointees from both the public and private sector. In addition, the task force would consist of representatives from the small business sector, nonprofit sector, and a qualified actuary with expertise in retirement plans.

Currently, some 30 states are considering legislation providing for retirement savings plans for small business employees, and seven states – California, Connecticut, Illinois, Maryland, New Jersey, Oregon and Washington - are already implementing them. Please join me in sponsoring this important legislation aimed at helping middle class working employees to secure their retirement future by contacting Brooke Heckard of my office at 7-9475 or bheckard@pahouse.net.

Thank you.