Pennsylvania

Discussion

Philadelphia, PA: Mandatory Workplace Retirement Savings Program

Effective July 1, 2027, Bill 250651-A and Resolution 250970-A create a mandatory retirement savings program for employers who do not maintain a qualified retirement plan. The savings plan would be funded through payroll deductions of covered employees. Employees would be automatically enrolled but could opt out of the plan. An initial default contribution rate between three and six percent of wages will be decided by the Philadelphia Retirement Savings Board (Board). Additional details of the plan should become available after the Board creates implementing regulations.

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