This is a victory for all Illinoisans. First, millions previously without access to such accounts now can utilize a payroll deduction to save for retirement. Second, on the cost front, most of the costs of administering the accounts will be funded by the pooled assets of the participants, and all Illinoisans will benefit when more of its citizens are able to fund their own retirements.
Importantly, low-wage workers and persons of colors, who disproportionately have been without access to payroll deduction style retirement savings plans, will now have access to a retirement savings option at their jobs. These groups, who have been traditionally left out on the sidelines, or worse, targeted for predatory banking products, now will have a safe asset building tool that works, which will ultimately increase their wealth over time and help them break the cycle of poverty.