AARP PA Commends City Leadership for Advancing Retirement Security with PhillySaves

On Tuesday, January 20, Philadelphia Mayor Cherelle Parker signed landmark “work and save” legislation, advancing the creation of PhillySaves -- a 401(k)-style public savings program designed to help workers in Philadelphia build financial security for retirement.

“We have a significant population aging into their golden years, and we want them to have economic security and self-sufficiency,” Mayor Parker stated at the public bill signing, highlighting the benefits of PhillySaves.

PhillySaves would automatically enroll workers who do not have access to an employer-sponsored retirement plan into a public-private retirement savings program that is overseen by the city and run by a private sector financial services provider. This initiative was championed by Council President Kenyatta Johnson and Councilmember Mike Driscoll, who worked closely with AARP Pennsylvania throughout the legislative process -- from City Council deliberations to the mayor’s signature.

As an organization recognized for its commitment to advocating for workers to have an easy way to save for retirement on the job, AARP Pennsylvania commends the dedication of Philadelphia City Council, especially Council President Johnson and Councilmember Driscoll, for their leadership in reaching this milestone. We also extend our gratitude to Mayor Parker for her steadfast support and leadership.

AARP Pennsylvania State Director Bill Johnston-Walsh spoke at the signing event, celebrating this important achievement. “As a nonprofit, nonpartisan organization dedicated to empowering Americans 50-plus to choose how they live as they age, AARP is committed to supporting policies that help people achieve financial security—whether they are nearing retirement, currently retired, or decades away,” Johnston-Walsh said. “Expanding access to retirement savings options is central to this commitment.”

Referencing Pew research, Johnston-Walsh noted that 208,000 Philadelphians lack retirement savings through their employer, emphasizing that PhillySaves is “a powerful tool that can change lives.”

He continued: “Make no mistake: This is significant—a huge win for the people of Philadelphia.”