Regulatory & Compliance | 07.08.26

Philly Approves Auto-IRA Bill, While Alaska Vetoes Similar Measure

by: Emily Boyle

Philadelphia voters approved the creation of a board to oversee PhillySaves, a city-sponsored automatic IRA program for workers who do not have access to an employer retirement plan. Employers covered by the program will have to enroll eligible workers and facilitate payroll deductions, though they will not be required to make contributions. More than 78% of Philadelphia voters supported the ballot measure, and the program is expected to begin operating by July 1, 2027. The move contrasts with Alaska, where Gov. Mike Dunleavy vetoed a state auto-IRA bill and lawmakers fell one vote short of overriding the veto.

Read the full article on planadviser.