Philadelphia City Council Advances PhillySaves Retirement Program

Philadelphia City Council advanced legislation that would create the PhillySaves program on Thursday, December 11th. This advancement is the latest step in AARP Pennsylvania's advocacy for work and save legisaltion that could allow Philadelphians to retire with dignity.

“AARP Pennsylvania commends Philadelphia City Council for advancing measures that could create PhillySaves, a city-wide retirement savings program for private-sector workers who currently lack access to a workplace plan," said AARP Pennsylvania State Director Bill Johnston-Walsh.

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 could 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.

"With more than 208,000 Philadelphia workers unable to save from their paycheck, this program offers a practical solution," continued Johnston-Walsh. "AARP Pennsylvania applauds Council President Johnson and Councilmember Driscoll for leading the way. Simply put, access to saving at work is a game-changer. PhillySaves will help thousands of workers build financial security beyond Social Security and take control of their future.”

AARP Pennsylvania encourages employers and employees to learn more at aarp.org/PhillySaves