With over 2.5 million workers in Illinois without access to employer-based retirement savings plans, Illinois was facing a retirement security crisis, and workers across the state were facing the growing risk of retiring into poverty.
Illinois’ Secure Choice Savings Program gives small businesses in Illinois a competitive edge in the hiring marketplace by providing many the ability to offer employees a retirement savings plan. It is a win-win for small business employers and employees.
Secure Choice offers a much-needed retirement savings option for millions of Illinois workers. This is about ensuring a more secure financial future for Illinois workers and their families, by providing a safe, effective way to save for retirement automatically, and in a way that is least burdensome for employers and the state.
In 2014, AARP Illinois joined forces with a number of groups, including the Small Business Majority, Illinois Asset Building Group, Sargent Shriver National Center on Poverty Law, Woodstock Institute, Heartland Alliance, SEIU Illinois/Indiana and over 45 other businesses, associations and advocacy groups, to push for passage of the Secure Choice legislation. We especially appreciate the efforts of State Senator Daniel Biss and former State Senator Michael W. Frerichs who championed the legislation in the General Assembly; Mr. Frerichs is now the leader in the implementation process of Secure Choice as he is our current State Treasurer.