What's called the Illinois Secure Choice Savings Program, the first of its kind in the nation, passed the House Tuesday. The Senate, which first passed the measure in April, voted Wednesday to adopt several House amendments.
illinois secure choice savings program
The Illinois Secure Choice Saving Program, now awaiting the signature of Gov. Pat Quinn, would require employers to withhold 3 percent from each employee’s paycheck.
Gov. Pat Quinn is expected to sign a retirement savings measure that was passed by the legislature last week. And if that happens, Illinois will become a pioneer among states — the first to make it easy for workers to save for retirement at work, even if they have no 401(k)-type account on the job.
Currently, roughly half of workers in Illinois and the U.S. have no retirement savings plan at work. So most don't save, or they save little. They are risking their own future as well as the nation's, as a grandiose retirement crisis looms.
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 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.
SB2758, sponsored by Illinois Senator Daniel Biss and Representative Barbara Flynn Currie, will automatically enroll workers without access to an employment-based retirement plan into the Secure Choice program. While workers can opt-out of the program, those who do participate will be able to build savings in an Individual Retirement Account (IRA) through a payroll deduction.
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.
Springfield, IL — On a vote of 7-2, the Illinois Secure Choice Program (SB2758) passed out of the Illinois House Personnel and Pensions 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 accounts.
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.