What Other States are Doing
If you’re a Pennsylvania policymaker worried about guaranteeing retirement security for your constituents and stakeholders, you aren’t alone.
40 states have begun examining the issue, and nearly 10 states are in the process of creating or launching some form of a retirement security program for their citizens.
All states aren’t the same – and what works in one state may not work perfectly in another. But the work other states have done shows that retirement security programs are achievable and Pennsylvania may not need to reinvent the wheel.
California, Connecticut, Illinois, and Oregon will all begin enrolling people in individual, portable retirement accounts within the next few years. Pennsylvania could be next to join them.
Recent legislation out of Washington DC has called into question the standing of state-sponsored retirement plans. But the need for retirement security hasn’t changed. Now more than ever it’s important for state policymakers to take the lead to guarantee secure retirements for their citizens.
For more information on what other states are doing, follow the Georgetown University Center for Retirement Initiatives.