Add another state-run IRA program for private-sector workers, that will increase retirement plan coverage.
Pennsylvania’s Keystone Saves program will be phased in over four years; the first two years are set aside for the state to set up the program.
Employers with fewer than five employees, and those who have been in business for less than 15 months, are excluded from Keystone Saves, as are employers with already established retirement savings plans.
The state claims that more than two million working Pennsylvanians currently do not have access to retirement savings at their workplace.
As with another state-run program, this could be another opportunity to sell pooled employer plans.