The Pennsylvania House Commerce Committee reported out the "Keystone Saves" bill, HB 577, by a 12-9 vote this week. The bill would establish an automatic payroll deduction IRA, administered by the Commonwealth of Pennsylvania through payroll deductions by employers. NAIFA-PA has been working to defeat the bill, with State President Tracy Russo-Keesey, writing to committee members asking them to consider improvements to retirement options made by the U.S. Congress in the SECURE 2.0 Act and pointing out the questionable track record of other states in offering similar programs. NAIFA-PA will continue to work against the legislation, which may be considered by the full house as early as the week of May 22.
In other legislative action, the State Senate moved SB 647 out of the Senate Education Committee. This bill would establish a financial literacy component to graduation requirements for Pennsylvania High School students. The full Senate may consider the bill as early as next week.