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PA SB1069
Bill
Status
10/17/2025
Primary Sponsor
Arthur Haywood
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AI Summary
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Establishes the Keystone Saves Program, a state-administered automatic enrollment payroll deduction IRA retirement savings program for Pennsylvania employees whose employers do not offer retirement plans
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Requires covered employers with 5 or more employees to register and participate within 24-48 months of implementation, with phased deadlines based on employer size (100+ employees first, 5-9 employees last)
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Automatically enrolls covered employees at a 4% default contribution rate with annual 1% increases up to 8%, with options to opt out, adjust contribution rates, or select from investment options including life-cycle, equity index, bond index, and capital preservation funds
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Caps total program fees and expenses at 75 basis points of fund assets under management (after a 3-year startup period) and investment manager fees at 60 basis points
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Creates a 13-member Keystone Saves Program Advisory Board appointed by the State Treasurer, Governor, and legislative leaders, and requires the Treasury Department to repay startup appropriations within 10 years from program fees and investment earnings
Legislative Description
Establishing the Keystone Saves Program, the Keystone Saves Program Fund, the Keystone Saves Program Administrative Fund and the Keystone Saves Program Advisory Board; and providing for powers and duties of the Treasury Department and the Department of Labor and Industry, for investment and fiduciary responsibilities and for program implementation.
Last Action
Referred to Finance
10/17/2025