Retirement Security - Press
By Ellyn Fortino
By Hal M. Bundrick
NEW YORK (TheStreet) -- Half of Americans employed in the private sector work for small businesses. That means many workers simply don’t have access to retirement plans. Big firms lure talent with tax-advantaged savings plans like 401(k)s -- and even match workers' contributions, while neighborhood businesses often lack the means to provide such benefits.
By Justin Lynch
On a fall morning in 2011, Daniel Biss, a State Senator in Illinois, was listening to a lobbyist give a self-aggrandizing presentation about his work in the State Capitol. But one “accomplishment” on this lobbyist’s list—killing an automatic IRA savings bill which would have automatically enrolled those without a retirement account—stood out.
By Patricia Hart
Earlier this week, Upshot’s David Leonhardt summarized new research by economist Stephen J. Rose that concluded: "Income inequality has not actually risen since the financial crisis began." Rose’s findings counter conventional wisdom that income inequality has widened in recent years, however, the findings do not consider the important role of wealth inequality. The Urban Institute released an interactive data visualization that helps present a more complete picture of the American economic reality.
By Carrie Sheffield
Public pension liabilities are a growing headache for many states, and are especially bad in Illinois. Fortunately, the Land of Lincoln now offers a possible template for how to shift state workers away from defined benefit (DB) pensions into more sustainable defined contribution (DC) plans. If successfully implemented, it would give public sector workers more control over their retirement and shield taxpayers from unsustainable pension burdens.
By Scott Cooley
When you travel abroad and tell people that you are from Illinois, the response usually includes something about Al Capone, corrupt governors, or Michael Jordan. People might even mention our bitterly cold, interminable winters or (delicious) pizzas the size and weight of manhole covers. Now, we might see another reaction: an appreciation of Illinois as a state that is attempting to help more workers save for retirement.
By Epstein Becker Green
On January 4, 2015, the governor of Illinois signed into law the Illinois Secure Choice Savings Program Act (S.B. 2758). This law—first of its kind in the nation—requires certain employers to provide an automatic payroll deduction for savings in a Roth IRA for employees who are over age 18 and who do not opt out. Employers who are subject to this mandate are those who have 25 or more employees in Illinois, have been in business for at least two years, and have not offered their employees tax-favored retirement benefits in the preceding two years. Employers not otherwise subject to the Act may participate in the Program on an elective basis. The Program will not be activated before 2017, and affected employers must establish a payroll deposit arrangement “at most nine months” after the Program opens for enrollment.
Illinois just became the first U.S. state to adopt a new approach to a big problem in the nation's retirement saving system: the lack of workplace saving options for low-income workers.
By Lisa Kaplan Gordon
If you live in Illinois, saving for retirement is no longer just a good idea, it's automatic.
By Tori Latham
Gov. Pat Quinn signed into law Sunday a bill sponsored by state Sen. Daniel Biss (D-Evanston) establishing a savings program to help Illinois residents prepare for retirement.
Outgoing Illinois Gov. Pat Quinn signed legislation Sunday that will expand access to employment-based retirement savings accounts for more than 2 million private-sector workers in the state.
By Aimee Picchi
One of the major dilemmas facing America is how to fund the retirements of today's workers, especially when four out of 10 haven't even started saving.
By Jennie L. Phipps
Illinois has just adopted a unique plan to get its residents to invest for retirement -- automatic enrollment in a savings program for private-sector workers whose employer doesn't offer a 401(k) or similar plan.
By Josh Barro
Illinois is taking a novel approach to getting its residents to save for retirement. Starting in 2017, most state residents with jobs who don’t already have a retirement plan at work will be automatically enrolled in individual retirement accounts, funded through a 3 percent deduction from their paychecks.
By Dan Kadlec
Illinois will automatically enroll workers who lack an employer retirement plan into a state-run savings program
By Justin King and Elliot Schreur
New savings options—such as myRA and Secure Choice—might help ordinary Americans grow their assets without sacrificing emergency savings.
By Carol Ashley
Mark January 4, 2015, down as a date to remember—one of the greatest legislative wins for families and individuals facing and living in poverty became law in Illinois. Called Secure Choice, it takes what corporate America has known for years, that employees are more likely to save for retirement through a payroll deduction, and provides the same opportunity to millions of Illinois employees whose employers previously never offered such a vehicle. In turn, many more people will retire with economic dignity and not into poverty. Adding to the meager average of $15,228 a year that workers relying on social security alone would each receive, Secure Choice boosts workers’ own savings potential via a payroll deduction that, in turn, immeasurably increases their overall retirement financial health.
CHICAGO – Governor Pat Quinn today signed legislation to create the Illinois Secure Choice Savings Program. The program establishes the option of an individual retirement plan for more than two million Illinois private sector employees who currently do not have access to any retirement plan at work. Today’s action is part of Governor Quinn’s agenda to ensure all Illinois workers are protected and treated fairly.
By Whet Moser
I’m embarrassed to say I totally missed this, and had to find out via the New York Times’s Josh Barro, because it’s right in my wheelhouse:
"Starting in 2017, most [Illinois] state residents with jobs who don’t already have a retirement plan at work will be automatically enrolled in individual retirement accounts, funded through a 3 percent deduction from their paychecks."
By Editorial Board
What an easy lob to Republican state legislators! A Democratic senator, Daniel Biss of Evanston, was tossing them a chance to be on the right side of history. Biss asked them to support a clever savings plan to help as many as 2.5 million Illinoisans — mostly working- and middle-class — whose employers don't offer them retirement plans. What's more, the Biss bill is built on three Republican principles: It would encourage personal responsibility for retirement savings, it would cost taxpayers next to nothing and it would enable a private-sector solution.
By Bill Smith
Legislation sponsored by State Sen. Daniel Biss (D-Evanston) designed to create a workplace retirement savings program for 2.5 million Illinois workers has been approved by the state Senate and House.
By Mark Fitton
SPRINGFIELD — Illinois businesses with 25 or more workers may soon be compelled to offer employees access to an IRA retirement savings plans if they aren’t offering 401(k) plans.
By Gail MarksJarvis
The Illinois legislature has thrown a life preserver to about 2.5 million workers in danger of discovering in retirement that they are going to be far short of money.
By Greg Hinz
With not a vote to spare, Illinois lawmakers approved a bill that would enroll 2.5 million private-sector workers in a retirement savings program unless they opt out.
The Illinois legislature on Wednesday approved the Illinois Secure Choice Savings Plan and thus did the right thing for an estimated 2.5 million Illinoisans statewide who do not have access to employee-sponsored retirement plans.
By Carol Marin
One third of Americans have no retirement savings and far more do not have enough savings to maintain their working lifestyle into retirement. For millennials—who feel the most optimistic and financially secure—more than two thirds aged 18 to 29 have saved nothing for retirement. So how is retirement changing and, as we live longer, do our expectations of what retirement means have to change as well?