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Council advances steps to create a Philadelphia Retirement Savings Board; public commenters urge ethical investment rules
Summary
A resolution proposing a Home Rule Charter amendment to create a Philadelphia Retirement Savings Board was amended and placed on the final passage calendar; public speakers urged the board to adopt ethical investment rules to avoid weapons manufacturers and human‑rights‑implicated firms.
Council on Dec. 3 considered a resolution proposing an amendment to the Philadelphia Home Rule Charter to create a Philadelphia Retirement Savings Board and to submit that amendment to voters. The resolution (250970 as called in committee) was amended on the floor and placed on the final passage calendar.
During public comment, Kate Perez urged that any new retirement savings board adopt investment policies that prevent city funds from being invested in companies she characterized as enabling human‑rights violations abroad. "Let's be preventative now and ensure that no bonds can be invested into weapons corporations like Elbit Systems..." she said, urging council to build ethical investment guidelines into the board's mandate.
Councilmembers noted the charter amendment process will require subsequent steps, including final passage and submission to electors; the amendment on the floor was adopted for placement on the final calendar pending further action.
Next steps: The charter amendment will return on the final passage calendar and, if adopted, would require voter approval to establish the board. Investment‑policy questions raised in public comment will be relevant to the board's bylaws and administrative rules.
