Philadelphia Council approves new retirement savings program during year-end legislative session.

In a landmark decision aimed at enhancing retirement savings among Philadelphians, the City Council unanimously approved legislation for the establishment of a new retirement savings program. The initiative, dubbed PhillySaves, is designed to provide city residents without employer-sponsored retirement plans the opportunity to invest via payroll deductions, at no cost to employers.

This pivotal legislation occurred during a marathon session on Thursday, the Council’s final meeting of the year before reconvening in January. Lawmakers passed numerous bills addressing critical issues ranging from public health and housing to small business support and public safety. The creation of PhillySaves represents a significant step forward and is modeled after state-facilitated “auto-IRA” programs prevalent across various jurisdictions. Before full implementation, however, the citizens of Philadelphia will have the opportunity to vote on a proposed investment management board, with the ballot question scheduled for consideration in the upcoming May primary election.

In addition to supporting the establishment of the retirement savings program, the City Council addressed several other legislative matters during the extensive session. Notable among these was a bill prohibiting mobile outreach groups from providing medical and support services in a targeted area of Kensington, which is at the heart of the city’s ongoing drug crisis. The Council also moved to facilitate outdoor dining by simplifying the permit application process for restaurateurs, while taking measures to ban reservation scalpers who resell restaurant reservations without business consent.

Moreover, the Council approved an ordinance to reopen a bus station on Filbert Street in Center City, alongside the commitment to direct tax refunds to victims of deed fraud.

The legislation surrounding the Housing Opportunities Made Easy (H.O.M.E.) initiative also progressed amidst Council and administration disputes regarding income eligibility thresholds. The program seeks to allocate approximately 0 million from an 0 million bond issuance to support housing stability for low-income residents. The Council’s adjustments prioritize affordability for some 200,000 low-income households.

As the year wraps up, City Council member Brian J. O’Neill emphasized the importance of concise communication during the meeting, alluding to the need for brevity in speeches, while acknowledging the impending retirement of longtime legislative director Robert Yerkov.

The council’s actions reflect a commitment to addressing the diverse concerns of Philadelphia residents through legislative frameworks that prioritize inclusivity and fiscal responsibility. As 2023 draws to a close, the approved measures signify a forward-looking approach to governance in a city facing numerous socio-economic challenges.

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