The Secure Choice Savings Program: Illinois's Solution to Retirement Insecurity
All workers should have the tools they need to retire with dignity. However, this is not a reality for many Illinoisans:
- 2.5 million private sector workers in Illinois have no access to a retirement plan through their employer.
- Social Security provides almost 90% of retirement income for over one third of retirees.
- Low-income workers, particularly those in the service industry and those working part-time, are even less likely to have access to this important savings tool.
Without a solution to our looming retirement crisis, Illinoisans face a great and increasing risk of retiring into poverty.
The Illinois Secure Choice Savings Program (SB2758 / HB4595), which was passed by the Illinois Legislature on December 3, 2014, is a simple, safe, low-cost solution that will help private-sector workers save for retirement. Secure Choice will give all workers in Illinois access to an employer-based, portable, individual retirement savings account, into which they contribute savings through automatic deductions from their paychecks.
Illinois’s Secure Choice Program is the most comprehensive automatic enrollment program of its kind in the country. Illinois now joins other states that have made a commitment to help working families through retirement savings programs, including Massachusetts, Connecticut, Minnesota, California, Maryland, and Oregon, each of which have tackled this issue and are at various stages of planning or implementation.
Recent Blogs and Information about the Secure Choice Savings Program
- The Secure Choice Savings Program (SB2758): Ensuring all Illinoisans Retire in Dignity
- Too Many Workers Retire into Poverty
- State and National Efforts Underway to Address Growing Retirement Insecurity
- Retirement Insecurity: Testimony from the Poverty Commission
- No Retirement Savings: Ask Your Legislators to Pass the Biss Bill (Chicago Tribune editorial)
- State Should IRA Bill, Help Illinoisans Save (Chicago Sun-Times editorial)
- Our Opinion: Clear the Way for Retirement Savings for All Illinoisans (State Journal-Register editorial)
More About Retirement Insecurity in Illinois and the Country
- Coming Up Short: The Scope of Retirement Insecurity Among America's Workers
- New Statistics on the American Retirement Savings Crisis
- The Greatest Retirement Crisis in American History