The Keystone Saves Program Act establishes a retirement savings initiative in Pennsylvania, known as the Keystone Saves Program, which aims to enhance retirement savings for covered employees through an automatic enrollment payroll deduction IRA. The program will be managed by the Treasury Department and includes the creation of the Keystone Saves Program Fund and the Keystone Saves Administrative Fund, designated for participant benefits and program expenses. The act outlines the fiduciary responsibilities, investment policies, and administrative duties of the department to ensure compliance and efficiency. Additionally, it establishes the Keystone Saves Program Advisory Board, composed of members appointed by legislative leaders, to provide advice and recommendations for program improvements while maintaining conflict of interest limitations.

The bill also details the procedures for employer participation, requiring them to facilitate employee enrollment and manage payroll deductions, while allowing participants the flexibility to opt-out or adjust their contributions. It emphasizes the ownership of contributions and investment earnings by participants and prohibits the use of program assets for non-benefit purposes. Furthermore, the act mandates the development of educational materials to inform employers and employees about retirement planning and savings strategies, and it requires the department to implement a risk management program and coordinate with state agencies for data sharing. The act is set to take effect immediately upon passage, ensuring a comprehensive and accessible retirement savings framework for Pennsylvania employees.