For Immediate Release
March 13, 2017
IN CASE YOU MISSED IT: PA Treasurer Torsella Writes in “The Hill” on Why Congress Should Not Get in the Way of State Innovation on Retirement Solutions
“In Pennsylvania, 44 percent of workers between the ages of 18 to 64 do not have access to an employer-offered retirement plan. Nationally, 1 in 3 Americans do not have a single dollar saved for their retirement. At this rate, the golden years of many workers will look more like scrap metal.”
"According to the preamble of the Republican Party’s platform, one of the basic tenants of the GOP is a belief that “…federalism…must be preserved un-compromised for future generations.” In the preamble of the platform of the Democratic Party, there is an entire section labeled “Ensuring a Secure and Dignified Retirement.
If these truly are foundational beliefs of both parties, why is Congress working to limit the ability of state governments to help their own citizens retire decently?
Recent actions in Congress to limit promising retirement savings initiatives by the states have made clear that many lawmakers apparently believe middle-class and working-class families have had it too good, for too long”.
Pennsylvania Treasurer, Joe Torsella, The Hill, March 10, 2017
Read full article here: The Hill, "When it comes to retirement, states are the innovators"
Debra S. Tingley, APR: (717) 787-2991 or firstname.lastname@example.org
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue.