PA Treasurer Torsella Issues Statement On Passage Of US House Resolutions Restricting Access To Retirement Options

HARRISBURG, Pa., Feb. 15, 2017 /PRNewswire/ -- Pennsylvania Treasurer Joe Torsella, today issued the following statement on U.S. House passage of Resolutions (H.J. Res 66, H.J. Res 67). These resolutions would repeal broadly supported rules recently finalized by the U.S. Department of Labor to make it easier for states and cities to implement retirement security plans for private sector workers.

"We need to empower working Pennsylvanians to build their own long-term economic security - not restrict it. Portable individual retirement savings plans are simple tools that allow workers to create economic security through their own efforts, with their own earnings. This policy is a no-brainer that has been gaining bipartisan momentum nationwide.

It is unthinkable that the U.S. House of Representatives is trying to make it harder to save for the over two million working Pennsylvanians who do not have access to retirement savings plans through their employer. States are merely making retirement security feasible and achievable. By voting for these resolutions, Congress is increasing the burdens on small businesses and workers alike. Lack of access to an easy, accessible savings vehicle increases the risk of workers retiring into poverty or becoming overly reliant on social security or state and federal safety net programs.

We need the urgent help of all leaders on the national, state and local levels, regardless of party affiliation, to ensure Americans can save for retirement by stopping this resolution in the U.S. Senate. We must encourage innovation in addressing our retirement crisis. I ask that every congressional member who voted for this resolution today join me in the fight to reduce barriers to pension availability and ensure retirement security."

Media Contact: Debra S. Tingley, APR, (717) 787-2991 or dtingley@patreasury.gov

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. To learn more visit patreasury.gov.

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SOURCE Pennsylvania Treasury