PA HB1263

Establishes the Keystone Saves Program, a state-administered automatic enrollment payroll deduction IRA for private-sector employees whose employers do not offer retirement plans, administered by the Pennsylvania Treasury Department

Requires covered employers with 5+ employees to facilitate the program on a phased timeline: employers with 100+ employees must register within 24 months, 20-99 employees within 30 months, 10-19 employees within 36 months, and 5-9 employees within 48 months

Automatically enrolls employees with a default contribution of 4% of gross wages into a Roth IRA, with employees able to opt out, adjust contribution rates up to 10%, or select from investment options including life-cycle funds, equity index funds, bond index funds, and capital preservation funds

Caps administrative fees at 75 basis points per year on individual account balances and investment manager fees at 60 basis points of program fund assets under management

Creates a 6-member Keystone Saves Program Advisory Board including the Governor, State Treasurer, and four legislative appointees with financial planning expertise, and protects employers from liability for investment decisions, program administration, or employee participation choices