PA Treasurer Joe Torsella Issues Statement After Congress Repeal Of State-Administered Retirement Plans

HARRISBURG, Pa., May 4, 2017 /PRNewswire-USNewswire/ -- Pennsylvania Treasurer Joe Torsella today issued the following statement after a vote by Congress, repealing H.J. Res. 66, which would have allowed states to create retirement savings plans for private sector workers.

Pennsylvania Treasurer Joe Torsella:

"With an estimated 55 million Americans without access to workplace-retirement savings plans, I am disappointed that Congress has lost sight of what's important. Our nation, along with Pennsylvania, faces significant retirement challenges.

"One-third of Americans have not saved a single dollar for retirement. This will undeniably force substantial financial burdens as we look to find ways to support those that do not have adequate retirement savings.

"I want to ensure Pennsylvanians know that I will be working to take action to push a state-sponsored IRA savings plans, through an automatic enrollment process unless workers independently decide to opt-out. This provides a cost-effective alternative for the hardworking people of Pennsylvania to ensure they have the opportunity to save for their future without forcing a hardship on businesses. I believe the burden should never be placed on the hardworking, not today's workers, and not tomorrow's."

The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.

Media Contact: Heidi Havens, (717) 787-2991 or [email protected]

SOURCE Pennsylvania Treasury Department

Related Links

http://www.patreasury.org