Proposing an amendment to the Philadelphia Home Rule Charter providing for the creation of the Philadelphia Retirement Savings Board; and providing for the submission of the proposed amendment to the electors of Philadelphia.

This resolution proposes an amendment to the Philadelphia Home Rule Charter to establish the Philadelphia Retirement Savings Board and a new defined contribution retirement program. The program is designed for eligible private and nonprofit sector workers in Philadelphia whose employers do not offer a qualified retirement plan.

Key Provisions:

• Board Composition: The Board will consist of nine members: four appointed by the Mayor, four by the Council President, and one by the City Controller. The Mayor and Council President must each appoint representatives from employer-side organizations, employee-side organizations, retiree advocates, and individuals with investment expertise.
• Mission & Powers: The Board will establish, implement, and maintain the retirement program, promulgate necessary rules, direct investment of funds with fiduciary responsibility to enrollees, assess reasonable administrative fees, and can enter into agreements with other cities or states for efficient administration.
• Funding: The Program will initially be funded from the City's general fund until it becomes cash-flow positive, with start-up funding subject to reimbursement from the Program itself.
• Staffing: The Board may hire an executive director and up to ten deputies/employees with financial or legal expertise, who will be exempt from civil service.
• Effective Date: If approved by Philadelphia electors, these amendments will take effect on July 1, 2026.

This proposal aims to provide a new retirement savings option for private and nonprofit sector workers in Philadelphia who currently lack access to an employer-sponsored retirement plan, potentially improving long-term financial security for many residents. Initial funding will come from the general fund, with the program designed to become self-sustaining through participant fees.

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