Automatic retirement plans spread as states, cities like Philadelphia push workers to build nest eggs

Philadelphia is set to launch the nation’s first city-sponsored retirement plan, PhillySaves, requiring employers without retirement benefits to enroll workers in an automatic IRA. Similar state programs have enrolled over 1.2 million workers, collectively saving $3 billion, with studies showing higher participation when enrollment is automatic. Over 50 million Americans lack workplace retirement plans, prompting expansion of such initiatives.