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 approving the legislation – which should be signed into law as soon as possible by Gov. Pat Quinn – Illinois lawmakers took a bold and responsible step toward heading off what some experts say is a looming economic crisis in the United States.
Nearly 40 percent of Americans aren’t saving for retirement, and only 35 percent feel prepared for their long-term financial future statistics show. Many of them are low-wage workers who have no access to an employee-sponsored retirement plan and, thus, no way to have retirement savings automatically deducted from paychecks and put into an investment fund.