City Council moves to establish a board to oversee proposed retirement program for non-city workers

I'm telling you, this PhillySaves program is gonna be a total game-changer for those low-wage earners. But have you ever stopped to think about who's really behind this? I mean, what's the real motive here? Is it just a genuine attempt to help people save for retirement or is there something more going on?

Think about it, 3-6% of their wages, that's like, peanuts! What if this is just a way to get companies to start contributing to their employees' retirement plans? I mean, who benefits from this? The employees do, but what about the corporations? Are they gonna have to shell out more money for all these new retirements being set up?

And then there's the oversight board. 15 members, that's a lot of people to keep track of. What if some of them are in cahoots with certain businesses or organizations? We should be looking into this...
 
I think this is a great idea, you know? I mean, who doesn't want to have some money saved up when they're, like, 65 or older 🤑. The problem is that not everyone has access to retirement plans through their job, which is just not right. And Philly's got a big problem with people struggling financially in their old age.

I'm glad the city council is taking steps to address this issue. The fact that they're automatically enrolling low-wage earners into an IRA is a huge step forward. It might not be perfect, but it's a start 🌟. I do worry about some of the details, like how employers will be affected and whether people will actually opt-out or just go along with it.

But overall, I think PhillySaves has the potential to make a real difference in people's lives. And it's not like we're talking about requiring people to save up for retirement, we're talking about giving them an option 🤝. The numbers from Pew Charitable Trusts are just crazy – 35% of seniors struggling with limited financial resources? That's just unacceptable.
 
I'm actually kinda impressed by this PhillySaves program 🤔. I mean, those numbers are crazy, like 35% of seniors struggling financially and 23% living below poverty line... it's a real issue. And the idea of auto-enrolling non-city workers into an IRA is genius 💡. It's like, they're already contributing to their future without even realizing it. The fact that employers have to meet certain criteria to participate is also a good move, I guess. It's not like this will solve all our retirement problems or anything, but it's a start. And hey, if AARP and other advocates are on board, that's gotta count for something 🤷‍♀️.
 
I think this is a great move by Philly City Council! 🤝 It's crazy to think about how many people in our city struggle with limited financial resources just because they don't have access to a good retirement plan. The idea of automatically enrolling low-wage earners into an IRA is genius - it's like a safety net for them.

I'm all for this program making sure that these workers can start saving for their future and not be left behind. It's not fair that some people get to coast through life with a good pension plan, while others are left scrambling to make ends meet. 💸

It's also interesting to see how other states and cities are taking steps in this direction - it shows that we're finally starting to recognize the importance of retirement planning for all workers, not just those with traditional employer-sponsored plans. 🙌
 
just saw this news about philly's new retirement program 🤔 and i think it's a no-brainer! like, who doesn't want to have some savings for when they're older? especially for those low-wage earners who are struggling to make ends meet. the fact that they'll be contributing 3-6% of their wages is actually pretty reasonable considering how little most people are making anyway 🤑.

i also love that it's an automatic enrollment thing, so people can't just opt out and leave their money on the table 😅. and having a board to oversee it will help ensure that everything runs smoothly and that everyone gets what they're entitled to.

i'm not surprised that other states and cities are already doing this kinda thing tho 🤷‍♀️. it's about time we recognized how important retirement savings is for people's well-being! 💸
 
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