Fewer and fewer people have access to resources that would provide economic security in retirement. Woodstock Institute identifies disparities and works to expand access to retirement 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."
Illinois Governor Quinn signed the Illinois Secure Choice Savings Program (SB2758) into law on January 4, 2015, establishing the authority for creation of a program that will help millions of private-sector workers in Illinois save for retirement.
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.
Legislation will help millions of Illinois Workers Save for Retirement
Chicago, IL — On a vote of 30-25-02 in the Senate and 67-45 in the House, the Illinois Secure Choice Savings Program (SB2758) was approved by the Illinois General Assembly today. The bill will give millions of private sector workers in Illinois the opportunity to save their own money for retirement by expanding access to employment-based retirement savings accounts.
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?
The spring Illinois legislative session just came to an end. Here are highlights of what happened in Springfield on issues affecting wealth-building opportunities for Illinoisans:
As part of Woodstock Institute’s Community Investment Awards event on May 9 in Chicago, we will screen the short documentary film “Fleeced: Speaking Out Against Senior Financial Abuse” and host a panel and audience discussion after the screening.
If you work hard, you should be able to retire with dignity. However, over half of private-sector workers in Illinois don't have access to a retirement savings account at their workplace. This leaves a growing number of seniors unable to make ends meet during retirement.