The Land of Lincoln is about to become the first state in the nation to mandate retirement savings programs in the private sector.
The Illinois Senate this week approved amendments to the Secure Choice Savings Program Act, which had passed the House earlier by a 67-45 margin. The bill will now be sent to outgoing Gov. Pat Quinn.
If signed into law, as is expected, the act would require businesses with 25 or more employees that don’t already provide a retirement plan to auto-enroll workers into an IRA, via a payroll deduction, with the intent of “promoting greater retirement savings for private-sector employees in a convenient, low-cost and portable manner.”
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
