Philadelphia Advances IRA Auto-Enrollment for 208,000 Workers After Ballot Approval
Updated
Updated · Billy Penn · May 28
Philadelphia Advances IRA Auto-Enrollment for 208,000 Workers After Ballot Approval
3 articles · Updated · Billy Penn · May 28
Philadelphia moved ahead with PhillySaves after voters approved a ballot question authorizing automatic retirement savings enrollment for about 208,000 workers.
The program would create IRA accounts for employees whose jobs do not offer retirement plans, targeting a gap that leaves millions of workers without savings options.
Workers would be enrolled by default but could opt out; those who stay in would have roughly 5% of each paycheck automatically deposited into their IRA.
The vote marks a local policy push to expand retirement access through payroll deductions rather than requiring workers to open and fund accounts on their own.
As Philadelphia launches its retirement plan, what are the hidden risks for the 200,000 workers automatically enrolled?
With a new tax, a city-run IRA, and major events planned, is Philadelphia's future a renaissance or a financial burden for residents?