Philadelphia Voters Approve City-Run Retirement Savings Program: How It Would Work
The first of its kind in the nation, PhillySaves is designed to help workers save for retirement.
Overview
On May 19, 2026, more than three-quarters (78.4%) of Philadelphia voters backed a ballot question establishing the Philadelphia Retirement Savings Board. The job of this new board is to implement the PhillySaves program, benefiting workers at employers that do not already offer a pension, 401(k), or similar savings plan.
Voter approval clears the way for the nation's first municipal-level automatic IRA program. The city and program advocates estimate that it could help over 200,000 Philadelphia residents who currently lack access to another company-sponsored retirement plan. Once rules, vendors, and systems are in place, PhillySaves is slated to begin operating by July 1, 2027.
Details
Source
Originally published at www.fool.com.