“We’re pleased to share Secure Choice as an important victory for Illinois workers and a model for other states,” said Dory Rand, president of Woodstock Institute.
When the lobbyist completed his remarks, Biss pulled him aside and asked him for the number of the bill the lobbyist had squelched. “Now, he probably wishes he hadn’t [done that],” Biss said at a recent New America event recounting how the Illinois bill became a law. A revised version of that bill, sponsored by Biss, recently became an Illinois state law set to take effect in June of 2015.
Senator Biss is traveling the state to talk about senate bill 2758.
The bill focuses on fixing the retirement savings crisis in the private sector and keeping many retirees from depending only on social security.
The idea is to give private sector workers a safe, affordable way to save their own money for retirement, through the companies where they work.
To read more about SB 2758, click here.
It was a good combination of celebration and serious dialogue. Thanks to everyone who attended (especially on a Friday night) and to all of our foundation and financial institution funders who generously support our work and our online data portal. A list of our funders is available in our just released annual report for 2012-2013.
Contact: Courtney Eccles, firstname.lastname@example.org, (262) 352-3185.
Chicago, IL —On a vote of 31 to 22, the Illinois Secure Choice Program (SB2758) passed out of the Illinois Senate today. The bill will give millions of private sector workers the opportunity to save their own money for retirement by expanding access to employment-based retirement savings accounts.
It’s a byproduct of living in the Illinois capital, where local and state governments employ more than 25,000 workers — many of whom will retire with some kind of a pension. Thousands of other workers will retire from local private-industry jobs with pensions or retirement savings, too.
But Springfield also is home to thousands of low-wage workers who live paycheck to paycheck now, and probably will in their retirement years, too, because they did not or could not squirrel away money for a far-off rainy day.
A 2012 Woodstock report found that more than half of private-sector workers in Illinois—over 2.5 million—lack access to an employment-based retirement savings plan. Without individual savings, many retirees who rely solely on Social Security benefits will face the prospect of retiring into poverty.
Chicago, IL — On a vote of nine to five, and one Senator voting "present," the Illinois Secure Choice Program (SB2758) passed out of the Illinois Senate Executive Committee today. The bill will give millions of private-sector workers the opportunity to save their own money for retirement by expanding access to employment-based retirement savings.