AARP BACKS BILL ADDRESSING RETIREMENT CRISIS

Keystone Saves is "Crucial Legislation"

News provided by

Dec 13, 2021, 14:09 ET

HARRISBURG, Pa., Dec. 13, 2021 /PRNewswire/ -- AARP announced today its strong endorsement of legislation that would address the retirement savings crisis by establishing a retirement savings option for workers and employers who do not currently have a retirement plan.

Over 2.1 million Pennsylvanians don't have access to a retirement savings plan through their employers and more than a quarter of American households have no retirement savings. At this rate, half of middle-class retirees will be unable to afford their basic needs in retirement – things like medicine, utilities, and rent.

The Keystone Saves legislation is sponsored by Representatives Tracy Pennycuick (R-147) and Michael J. Driscoll (D-173). It would create a public-private partnership that would allow more Pennsylvania workers to have access to a payroll deduction retirement savings option.

"We commend these lawmakers for sponsoring this crucial legislation," said Joanne Grossi, AARP Pennsylvania State President. "America's retirement savings crisis is already causing too many families to fall short. Our state lawmakers have a chance to act now to help more Pennsylvanians build a secure financial future by enacting Keystone Saves."

Previous AARP research found that Americans are 15 times more likely to save for retirement when they can do so at work and are 20 times more likely if their workplace savings plan is automatic. Keystone Saves ensures more workers have a chance to save automatically out of their regular paycheck so they can build a brighter future for themselves and their families.

The coronavirus pandemic has also hit small businesses hard, forcing many to close their doors temporarily or even permanently. It is imperative that the small business community get back on its feet and that they receive the support necessary to do so. Providing small businesses with a no-cost program to access retirement benefits for themselves and their employees is a common-sense solution that will also help small businesses attract and retain quality talent.

"AARP urges the General Assembly to consider House Bill 2156 as a vital piece of every Pennsylvanians' long-term financial health and retirement needs," said Grossi. "Keystone Saves will improve the lives of many Pennsylvania workers and small business owners, and we are committed to working with you to make these critical improvements in our state."

About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.

CONTACT:
Teresa Osborne, [email protected], 717-237-6482

SOURCE AARP Pennsylvania