PhillySaves: A Path to a Secure Retirement

In the May 19th Primary Election, Philadelphia voters overwhelmingly approved Question #1 to create PhillySaves - a new retirement savings program that will help an estimated 208,000 private-sector Philadelphia workers who don’t have access to a workplace retirement savings program to begin saving for their future.     

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What Happens Next?

With the favorable vote on Ballot Question #1, the Parker Administration and City Council can move forward with creating the Philadelphia Retirement Savings Board, which will oversee the Philadelphia Retirement Savings Program – PhillySaves. 

The board will have nine members: four appointed by the mayor, four appointed by the City Council President, and one member selected by the City Controller.  The program is expected to begin accepting contributions no later than July 2027, with a phased roll out as needed.  

We’ll continue to update this page as PhillySaves moves to full implementation. 

Building a Stronger Retirement Future 

AARP research shows that people are 15 times more likely to save if they have access to a workplace retirement program, and they are 20 times more likely to save when contributions are automatic. 

PhillySaves makes saving simple: 

• Contributions are made automatically through payroll deductions 
• Workers can choose how much to save 
• Accounts stay with workers even if they change jobs

When people have the tools to save, they are better prepared for the future - for themselves and their families. 

Supporting Small Businesses 

PhillySaves helps small business by offering a retirement savings option at no cost and by helping small businesses compete for and retain workers.  When workers are financially secure, businesses and communities are stronger.  

Learn More: If you are a small business owner and are interested in learning more and working with AARP, fill out the form below today and we will be in touch!   

Form for Philly Small Business Owners