Illinois' Secure Choice Retirement Program Adds Thousands of Workers
The State of Illinois' retirement program for those who don't have employer based savings options is off and running.
State Treasurer Mike Frerichs says since the Secure Choice Retirement Savings program launched last fall, the response from businesses has been encouraging.
"We found some initial skepticism by some employers. But, when they discover it doesn't cost them anything, they suffer know legal liability and it makes their employees happier, we've just seen a lot of support and great partnership from our employers."
Frerichs says nearly 100 businesses joined the program during the first enrollment period, impacting around 9,000 workers.
He says half of the state's private-sector employees don't have access to a retirement plan at work.
"What that means is these people are less likely to be saving. The AARP conducted a survey and found that if a person has a workplace option they are 15 times more likely to be saving for their retirement."
Enrollment for wave two is currently open until July. It includes employers with 100 to 499 workers.
The wave three deadline for employers with 25 to 99 workers is in November.
You can find out more at ilsecurechoice.com.