retirement savings

Despite bipartisan support for a mandatory Secure Choice Retirement Savings Program, New Jersey opts for a voluntary plan for all employers

A year ago, Illinois became the first state in the nation to pass a law to address that looming retirement crisis.  Spurred, in part, by Woodstock Institute research that showed that 2.5 million private-sector workers in Illinois lacked access to any employment-based retirement savings plan, such as a 401(k), the state passed the Illinois Secure Choice Savings Program.

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.

Act now: Ask Your Senator to Support Expanding Retirement Security

This week, the Illinois Senate will vote on SB2758, the Illinois Secure Choice Savings Program. The bill will automatically enroll many workers without access to an employment-based retirement savings plan into the Secure Choice savings program. While workers can opt out of the program, those who do participate will have access to a vital tool that allows them to save for their future.

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.

State and National Efforts Underway to Address Growing Retirement Insecurity

The situation at the national level is equally grim. A recent report shows that the median household retirement savings is only $3,000, and more than a quarter of current retirees rely on Social Security as their sole source of retirement income. Without policy solutions that increase savings access and make saving easy, many workers will retire into a significantly reduced standard of living or poverty.

Clinton Global Initiative Announces Woodstock Institute CGI Commitment to Action

Written by Dan Fair on June 14, 2013 - 8:00am

CGI is an initiative of the Clinton Foundation founded by former President Bill Clinton to “turn ideas into action.” The Commitment to Action represents the key feature of the Initiative, lending the Foundation’s name to build awareness, identify partners, and share results for ideas that address some of the world’s biggest problems in a new way.

Coming Up Short: The Scope of Retirement Insecurity Among Illinois Workers

 
The negative impact of the lack of adequate retirement savings will fall not only on the individual workers involved; it will also have adverse impacts on the rest of the economy.
 
One of the principal sources of investment capital for the private sector will shrink, and the public sector will face increasing dem
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