Lawmakers in Springfield, Ill., decided this week to green light a new statewide private sector retirement program that will consist of individual retirement accounts to be funded by automatic employee payroll deductions.
The Illinois Secure Choice Savings Program Act or Senate Bill 2758, first introduced by Sen. Daniel Biss (D-Evanston), was approved by the Illinois General Assembly on Dec. 3 and now awaits the final signature of Gov. Pat Quinn. The bill will create the Illinois Secure Choice Savings Program Fund, which will promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner, according to the bills language.
