Senate OKs 'secure choice' retirement plan (Evanston Now)

The Illinois Senate today approved a program designed to encourage retirement savings by private sector workers.

The Illinois Senate today approved a program designed to encourage retirement savings by private sector workers.

Sponsor Daniel Biss (D-Evanston) says the Illinois Secure Choice Savings Program Act would offer a solution to "a looming retirement security crisis."

Biss says over 2.5 million Illinois workers — more than half the state’s private sector workforce — do not have access to retirement savings plans through their employers.

“Unless we act now to help give Illinois residents the tools to save, the number of retirees living in poverty will continue to grow," Biss said in a statement.

Secure Choice would give portable savings accounts -- similar to traditional IRAs -- to all employees of businesses with 25 or more workers that have been in existence for at least two years and don’t already offer retirement plans.

- See more at: http://evanstonnow.com/story/government/bill-smith/2014-04-09/62727/senate-oks-secure-choice-retirement-plan#sthash.FxudZmQA.dpuf

The Illinois Senate today approved a program designed to encourage retirement savings by private sector workers.

Sponsor Daniel Biss (D-Evanston) says the Illinois Secure Choice Savings Program Act would offer a solution to "a looming retirement security crisis."

Biss says over 2.5 million Illinois workers — more than half the state’s private sector workforce — do not have access to retirement savings plans through their employers.

“Unless we act now to help give Illinois residents the tools to save, the number of retirees living in poverty will continue to grow," Biss said in a statement.

Secure Choice would give portable savings accounts -- similar to traditional IRAs -- to all employees of businesses with 25 or more workers that have been in existence for at least two years and don’t already offer retirement plans.

- See more at: http://evanstonnow.com/story/government/bill-smith/2014-04-09/62727/senate-oks-secure-choice-retirement-plan#sthash.FxudZmQA.dpuf

Sponsor Daniel Biss (D-Evanston) says the Illinois Secure Choice Savings Program Act would offer a solution to "a looming retirement security crisis."

Biss says over 2.5 million Illinois workers — more than half the state’s private sector workforce — do not have access to retirement savings plans through their employers.

“Unless we act now to help give Illinois residents the tools to save, the number of retirees living in poverty will continue to grow," Biss said in a statement.

Secure Choice would give portable savings accounts -- similar to traditional IRAs -- to all employees of businesses with 25 or more workers that have been in existence for at least two years and don’t already offer retirement plans.

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