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Benefits January 23, 2026
Philadelphians to Vote on Retirement Savings Program
Mayor Cherelle Parker approved legislation that allows voters to decide whether to approve the Philly Saves program.
Reported by James Van Bramer
Philadelphia Mayor Cherelle Parker signed a bill on Tuesday that will allow voters to decide whether to approve a retirement savings program.
Voters will consider the Philly Saves program on the ballot in May. If approved, the program would automatically enroll workers who do not have access to an employer-sponsored retirement plan into a city-sponsored IRA.
Under the program, workers would have 3% to 6% of their wages automatically deferred from their paychecks into either a traditional or Roth individual retirement account. Workers could opt out of the program at any time.
According to the Pew Charitable Trusts, two other cities—New York and Seattle—have similar auto-IRA programs, as well as 17 states. Pew research found that such a program in Philadelphia would create a savings vehicle for approximately 208,000 workers who currently lack access to a workplace retirement plan.
“PhillySaves would benefit Philadelphia’s workers, its businesses, and its taxpayers,” said John Scott, director of the Pew Charitable Trusts’ retirement savings project, in a statement. “Philadelphia’s businesses would, at no cost to them, be able to attract and retain workers by offering a retirement savings plan. … Taxpayers would also benefit, because the more people save for retirement, the less they will need to rely on social assistance programs in the future.”