Woodstock in the News
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.