An Act establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Program Administrative Fund and the Keystone Saves Program Advisory Board; and providing for powers and duties of the Treasury Department and the Department of Labor and Industry, for investment and fiduciary responsibilities and for program implementation.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
The Keystone Saves Program Act establishes a new retirement savings program called Keystone Saves, designed to encourage greater retirement savings for employees in Pennsylvania. It creates a fund, an administrative fund, and an advisory board to oversee the program's operation. The program will automatically enroll eligible employees in a payroll deduction IRA, offering investment options and aiming to simplify retirement planning.
Key provisions
- Establishes the Keystone Saves Program, a payroll deduction IRA for employees.
- Creates a Keystone Saves Program Fund to hold participant contributions and investments.
- Establishes a Keystone Saves Program Administrative Fund to cover program operational costs.
- Forms a Keystone Saves Program Advisory Board to provide guidance and oversight.
- Designates the Treasury Department and Department of Labor and Industry to administer the program.
- Specifies investment policies and options for participants.
- Outlines procedures for payroll deductions and withdrawals.
- Requires the department to develop educational materials for participants, employers, and employees.
Who is affected
- Employees in Pennsylvania
- Employers in Pennsylvania
- The Treasury Department
- The Department of Labor and Industry
- Participants in the program
Notable changes
Bill text
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Document of record
- Version
- Pn 1252 Html
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
7 on record
Primary sponsor
Cosponsors
Steven Santarsiero
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