News

Business

On HALO

2 weeks ago

Philadelphia voters approve first city-run retirement savings program for workers without 401(k) plans

Voters in Philadelphia passed a ballot measure on Tuesday that will create the country's first city-run savings program for workers whose jobs don't offer retirement benefits.The measure will create a new program called PhillySaves that allows private sector workers whose employers don't sponsor retirement plans like a 401(k) to automatically enroll in individual retirement accounts (IRAs) set up by the city.Participation in PhillySaves is voluntary and allows workers to opt out of enrolling in the auto-IRA or change how much they're contributing out of their paychecks at will. The accounts wi...