Chamber of Commerce for Greater Philadelphia
Coverage of Chamber of Commerce for Greater Philadelphia in the Nexus archive.
- Automatic retirement plans spread as states, cities push workers to build nest eggs
Philadelphia is launching the first city-sponsored retirement plan requiring employers without existing benefits to automatically enroll workers in an IRA. Over 50 million Americans lack workplace retirement plans, and state programs have collectively saved $3 billion through automatic enrollment. Oregon initiated the first state plan in 2017, with accelerated savings growth observed in recent years.
- Automatic retirement plans spread as states, cities push workers to build nest eggs
Philadelphia is launching the first city-sponsored retirement plan requiring employers without retirement benefits to enroll workers automatically, who can opt out. Over 1.2 million workers in 15 states with similar programs have saved $3 billion through state auto-IRAs, with savings growth accelerating since Oregon's 2017 initiative.
- 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.