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Small Business Borrowers Bill of Rights

In part because large banks are not meeting the credit needs that neighborhood businesses have for small loans, a new breed of lenders has emerged, operating online, in a space that is virtually unregulated, with some engaging in the same kinds of predatory practices that characterized the small dollar consumer lending space a few years ago.  They provide fast access to capital, but frequently the loans have very high interest rates, hidden fees, and allow the lender to take money directly from the businesses bank account, sometimes on a daily basis.  As a result, business owners

Proposed ERISA Rule Sign On Letter

U.S. Department of Labor (DOL) Secretary Tom Perez announced in Chicago on November 16 a new proposed rule that establishes a safe harbor for state-established and administered programs like Secure Choice, so that employers who are required to participate will not be burdened by federal ERISA laws that apply to employer-sponsored retirement programs. This rule will be critically important in allowing states to implement these programs.

Proposed Department of Labor rule ensures Illinois Secure Choice retirement savings program will not be subject to ERISA law

Written by Dory Rand on November 16, 2015 - 3:36pm
Secure Choice Press Conference

Woodstock’s 2012 research report entitled Coming Up Short illustrated that over 2.5 million private-sector workers in Illinois, in every corner of the state, lack access to a retirement savings plan through their place of employment. Most of these workers are in smaller companies and in industries such as retail and food service that pay low wages and offer few, if any, benefits. We know that this situation holds true in the rest of the country, as well.

Senator Daniel Biss Talks About Secure Choice Savings Program (ABC-3 WSIL)

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.

 

Protect students from schools with high debt and little benefit

Often students leave these schools with high debt loads, even though their employment prospects may be no better than before. This means they may not be able to repay their student loans, save for emergencies, buy a house, or improve their economic opportunities.

Illinois Senate Votes for the Illinois Secure Choice Savings Program

Contact: Courtney Eccles, ceccles@woodstockinst.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.

Senate Committee Votes for the Illinois Secure Choice Savings Program

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.

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