PhillySaves: A Path to a Secure Retirement

Earlier this year, Philadelphia Mayor Cherelle Parker signed into law two bills to establish PhillySaves – a retirement savings program designed to provide an automated savings option for the city’s estimated 208,000 private-sector workers whose employers cannot offer retirement benefits.  Under the legislation, the program may begin operating after voters approve the creation of an independent governing board through a May 19^th primary election day ballot question.   

 

What do you need to know about the PhillySaves ballot question?

On April 20, 2026, the Philadelphia City Commissioners officially posted the sample ballot for the May 19^th Primary Election.   

This election cycle, Philadelphia has two questions on the ballot. The ballot question related to PhillySaves is Question #1. Here’s what you need to know.

Question #1

Proposed Charter Change 1

Submitted to the Voters By:

Bill No. 250950 (approved January 20, 2026);

Resolution No. 250970 (adopted December 11, 2025)

Ballot Question:

Shall the Philadelphia Home Rule Charter be amended to provide for the creation of the Philadelphia Retirement Savings Board to oversee a defined contribution retirement program for the benefit of eligible private-sector workers, and to authorize City Council to determine the composition, powersand duties of the board

 

Building a Stronger Future for Philadelphia Workers

AARP knows that Americans are 15 times more likely to save for retirement if they have a savings account at work, and 20 times more likely if that savings is automatic. 

PhillySaves would allow workers to save as much or as little as they want in their accounts through automatic deductions from their paychecks and take it with them if they change jobs. 

When employees have the tools to save, they build a stronger future for themselves and their families. It’s time to ensure workers in Philadelphia have a path to a secure retirement. 

Without retirement savings accounts, hard-working Philadelphians will count on Social Security even more for financial security. However, Social Security alone is not enough for them to depend on as a sole source of retirement income. 

The average Social Security income for a 65+ Philadelphia family is about $21,000 per year. 

Many older homeowners are cost-burdened – paying approximately $25,000 for utilities, health care, housing and maintenance. 

That’s why AARP is advocating for PhillySaves and supporting Ballot Question #1.  

 

Promoting Fiscal Responsibility

PhillySaves would require no ongoing costs for Philadelphia: A public-private retirement savings program will be self-sustaining, and participant-funded. The funds cannot be commingled with public pension dollars, nor can they add to Philadelphia’s public pension liability. 

Saving Taxpayer Dollars: It also saves the state money. Providing a way for workers to save on the job reduces reliance on taxpayer-funded assistance programs in retirement - and decreases the financial burden on government. 

Small business friendly: Programs like PhillySaves – also known as auto-IRAs, Work and Save, or Secure Choice – help small businesses recruit and retain workers by offering a no-cost retirement savings benefit. When workers are more financially secure, they are better able to weather financial shocks and more likely to save for their future. 

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

 

Important Information for Philadelphia Voters

Pennsylvania has closed primaries, which means that registered Democrats and Republicans can cast a ballot only for races within their party.

Ballot questions, however, are open to all voters, regardless of party affiliation. All registered voters in Philadelphia can weigh in on two ballot questions for the May 19^th Primary Election.  Philadelphia has two questions on the ballot – including Ballot Question #1 on PhillySaves.

Here’s what you need to know to cast your vote on May 19^th

May 4 - Last day to register before the primary

May 12 - Last day to apply for a mail-in or civilian absentee ballot

May 19  - Last day for county election office to receive completed mail-in and civilian absentee ballots
(must be received by 8:00 P.M.)

 

The next election is on May 19, 2026 — the Primary Election. Polls are open from 7 A.M. to 8 P.M

For more information, visit: vote.phila.gov