Allentown, PA – Pennsylvania Treasurer Joe Torsella today convened an informational hearing in Allentown of the Treasury’s newly-created Task Force on Private Sector Retirement Security; the first of three regional hearings to be held across the state to publicly explore the retirement crisis facing the more than two million working Pennsylvanians who lack access to employer-sponsored retirement plans.
"Almost 44 percent of Pennsylvanians do not have access to employer-sponsored retirement plans, and we believe this number will increase. Access to a workplace retirement savings plan dramatically increases retirement savings rates, resulting in profoundly positive effects on retirement security. Leaving this group of workers without the opportunity to easily save for retirement through payroll deductions exacts a heavy cost upon both their future economic security and fiscal prospects for the Commonwealth. I have convened this Task Force to assess the situation nationally and in Pennsylvania, and to find a commonsense solution that works for employers and employees."
Pennsylvania Treasurer, Joe Torsella
The Task Force on Private Sector Retirement Security consists of State Senator John Blake, Senate Finance Committee Chair; State Senator Scott Hutchinson, Senate Finance Committee Chair; State Representative Bernie O’Neill, House Finance Committee Chair; State Representative Jake Wheatley, House Finance Committee Chair; Sarah Gill, AARP; Kevin Shivers, National Federation of Independent Business of Pennsylvania; Frank Snyder, Pennsylvania AFL-CIO; and Bob Jazwinski, Pennsylvania Institute of Certified Public Accountants.
At today’s hearing the Task Force heard from experts from the National Institute on Retirement Security, Swarthmore College, the Wharton School, and EY.
Future hearings will include expert testimony regarding “Barriers Impeding Private Employer Support for Effective Employee Retirement Savings” to be held in Pittsburgh on November 17 and the “Options to Address the Retirement Savings Crisis in Pennsylvania” in Harrisburg in January.