Philadelphia Voters Approve City-Run Retirement Savings Program
Philadelphia voters approved a city-run retirement savings program for workers without 401(k) plans. The measure creates the first such municipal program in the city.
foxbusiness.comPhiladelphia voters approved a city-run retirement savings program for workers without 401(k) plans. The program will be administered by the city and is intended to serve employees who lack access to employer-sponsored retirement accounts.
The initiative marks the first time Philadelphia has established a municipal retirement savings option of this type. Voters passed the measure in a local election reported by FOX. No start date or enrollment timeline has been announced.
Key Facts
Potential Impact
- 01
Workers without 401(k) plans may gain access to a city-managed savings option.
- 02
City will need to establish administrative structure for the new program.
Transparency Panel
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