The state’s new retirement savings program—long championed by AARP Illinois—is expanding to more businesses this fall.
Starting in November, businesses with 25 to 99 employees that don’t offer retirement plans must participate in Illinois Secure Choice. The program allows workers to save for retirement through automatic payroll deductions into an individual retirement account.
Workers always remain in control of their account, even if they change jobs, and there is no cost to companies.
Larger businesses are already required to participate, while those with fewer than 25 employees may choose to opt in. An estimated more than 1.2 million Illinois workers are eligible.