Amending Title 19 (“Finance, Taxes and Collections”) of The Philadelphia Code to add a new chapter creating the Philadelphia Retirement Savings Program as an automated savings program for certain employees in the City of Philadelphia, to establish the Philadelphia Retirement Savings Board, and to establish the Retirement Savings Administrative Fund, all under certain terms and conditions.

This ordinance establishes the Philadelphia Retirement Savings Program, an automated savings program for certain employees in the City of Philadelphia. A Philadelphia Retirement Savings Board will be created to oversee the program, which will allow covered employees to contribute to an IRA through payroll deduction. The program aims to provide retirement savings options for employees whose employers do not offer a qualified retirement plan. Contributions will be automatically enrolled with an option to opt out, with an initial default contribution rate between 3% and 6% of wages. The program is slated for implementation by July 1, 2027.

This program will provide a new retirement savings option for certain private sector employees in Philadelphia who do not currently have access to a retirement plan through their employer.

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