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State proposes retirement plan for those who don’t have one or can’t get one through employer

  • Scott LaMar
In this Sept. 24, 2013 file photo, cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas. According to a study released on Tuesday, April 3, 2018, middle-aged Americans who experienced a sudden, large economic blow were more likely to die during the following years than those who didn’t. The heightened danger of death after a devastating loss, which researchers called a “wealth shock,” crossed socio-economic lines, affecting people no matter how much money they had to start.

 (AP Photo/LM Otero)

In this Sept. 24, 2013 file photo, cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas. According to a study released on Tuesday, April 3, 2018, middle-aged Americans who experienced a sudden, large economic blow were more likely to die during the following years than those who didn’t. The heightened danger of death after a devastating loss, which researchers called a “wealth shock,” crossed socio-economic lines, affecting people no matter how much money they had to start.

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Airdate: Friday, December 17, 2021

Most American workers have some type of retirement plan through their employer, but many don’t. Most employers who don’t offer the rare nowadays defined pension or a 401K plan are small businesses. Usually the cost of a retirement plan is what keeps them from making it available to their employees.

The Pennsylvania State Treasury has come up with a program for workers who don’t have access to an employer sponsored retirement plan.

It’s called Keystone Saves and it would allow employees to contribute to their retirement at no cost to the employer.

State Treasurer Stacy Garrity appears on Friday’s Smart Talk to explain Keystone Saves along with John Scott, Director of the Retirement Savings Project – The Pew Charitable Trusts

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