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AARP Pennsylvania Pushes for New Retirement Savings Program

Retirement savings 1

More than 2 million Pennsylvanians don’t have access to a retirement savings plan through their jobs.

AARP Pennsylvania is working to change that, advocating for a state-facilitated retirement savings program in the new legislative session. A bill that did not pass in 2022—but that will be re­introduced this session—would require businesses with five or more workers to offer an IRA-type savings program to their employees, unless they provide their own retirement plan.

The program would feature automatic payroll deductions and be voluntary for workers, as well as portable if they switched jobs. It would be managed by a third-party financial firm overseen by the state and would not include any fees on employers.

AARP research has found that workers are far more likely to save for retirement if they are offered an option at work and enrollment is automatic. A 2022 AARP poll found significant support among small businesses in Pennsylvania for the retirement savings proposal.

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