Today, a secure retirement is out of reach for over 2 million Pennsylvanians, especially those who work for themselves or small businesses.
About 44% of those in Pennsylvania’s private sector workforce do not have a way to save for retirement through their job. Workers in small businesses are even less likely to have a retirement savings plan.
Research shows that Pennsylvania small business owners support legislation that would establish a privately managed Pennsylvania retirement savings option, agree that Pennsylvania lawmakers should support a state retirement savings program and agree that being able to offer a retirement savings program would help them remain competitive.
As a small employer myself, I know firsthand the financial challenges of providing retirement and health solutions for the people who work with me every day.
I get what it’s like to feel responsible for individuals who get up every day and do their very best for you — to want to be sure you’re providing them with as much of a safety net as possible, without simultaneously putting yourself or your company on the line for obligations that you might be unable to meet.
The Pennsylvania Keystone Saves Program (state House Bill 2156) could change that.
Keystone Saves would provide an easy, low-cost retirement savings option to help small businesses give their employees a way to save and take control of their future.
It would allow a business owner to access a voluntary, portable, plug-and-play retirement savings program with little effort and no risk on their part.
Being able to access a retirement savings option would help small businesses hire and keep valuable employees. And it would help more Pennsylvania workers to take control of their future by helping them to save for retirement right out of their regular paycheck.
The Pennsylvania Keystone Saves program would be an all-around win for businesses and employees, and it’s just the type of innovative solution we need.
I’m not alone here. A recent AARP Pennsylvania poll found that 79% of Pennsylvania small business owners support Keystone Saves.
State lawmakers should pass the Keystone Saves bill now to help Pennsylvanians build a stronger future.
Walt Rowan is the president of Susquehanna Glass Co. in Columbia.