By Ellyn Fortino
Saving for retirement could get much easier for more than a million private-sector Illinois workers next year under a first-in-the-nation state program that is in the works.
The initiative is called the Illinois Secure Choice Savings Program. Through the program, signed into law (SB 2758) by former Illinois Gov. Pat Quinn in January 2015, workers at businesses in operation for at least two years with 25 or more employees must have access to an individual retirement savings account through their employer by June 2017.
Such eligible workers can participate in the state’s Secure Choice program and build retirement savings through a 3 percent payroll deduction. Workers covered by the measure are allowed to opt out of the program or reduce their payroll deductions if they choose.
“We are the first in the nation to adopt this approach, and the state’s working very hard to make sure that it’s successful,” said Spencer Cowan