Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today issued the following statement after Congress, passed H.J. Res. 66, overturning what would have allowed states to create retirement savings plans for private sector workers.
“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.”
Pennsylvania Treasurer, Joe Torsella