Mayor Cherelle L. Parker signed two bills establishing the Philadelphia Retirement Savings Program, known as PhillySaves, into law this week. PhillySaves is a new initiative aimed at helping workers without access to employer-sponsored retirement plans to build long-term financial security.
Bills #250950, 250651-A, and Resolution #250970-A were approved in December 2025. They were sponsored by City Council President Kenyatta Johnson (2nd District) and co-sponsored by City Councilmember Mike Driscoll (6th District). Mayor Parker has long advocated for retirement security for workers.
While state-level auto-IRA programs exist, Philadelphia would be the first U.S. city to create its own version, specifically targeting workers whose employers do not offer plans. Across the country, 17 states have established similar auto-IRA plans. As of December 2025, 12 of these programs had accumulated nearly $2.7 billion in savings, involving more than one million participants and 260,000 employers, according to Pew Charitable Trusts…