As more states advance retirement plans with mandates for private-sector businesses, officials behind those plans say the state option is needed to make a retirement-savings option available for the segment of workers least likely to have access to one through an employer.
One of those states is Illinois, which launched the Illinois Secure Choice Savings Program in 2018, gradually phasing in mandates for all businesses with at least 25 employees to offer a qualified retirement plan or enroll in the state option.
