“For many people across Illinois, retirement planning is often a matter of too little, too late,” Governor Quinn said. “Without an adequate retirement savings plan, many people are forced to spend their later years scraping to get by with just Social Security. This legislation protects millions of private sector employees in Illinois who work hard but do not have the option of a retirement plan through their employer.”
Senate Bill 2758, sponsored by State Senator Daniel Biss (D-Skokie) and House Majority Leader Barbara Flynn Currie (D-Chicago), establishes the Illinois Secure Choice Savings Program. The program creates a simple individual retirement savings option through a 3 percent payroll deduction for private sector employees whose employer does not offer a retirement plan besides Social Security. Employers that have been in business for at least two years and employ 25 or more employees are required participate. Employees can opt-out of the program, or contribute more or less than the default 3 percent.