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Hello Blog Readers,
This week in Springfield things are starting to heat up - literally! The deadline for bills to be passed out of committee is March 28th. One of our top priorities this week is making sure that the Illinois Secure Choice Savings Program makes it through committee and continues on it's way to becoming a law. Aside: Turning a bill into a law is like running a marathon not a sprint...and we need your support all along the way!
*Update* This bill has passed the Executive Committee and your continued support is needed. Keep those calls and emails going as we urge the full Senate to pass this legislation!
It's time that all Illinois workers have the opportunity to take care of their financial futures Send an email to your legislator to support the Illinois Secure Choice Savings Program!
Here's why this bill will benefit workers in Illinois....
The Illinois Secure Choice Savings Program (SB2758) makes it simple for small businesses to establish a basic retirement savings option for employees without having to sponsor a plan, set up the accounts, comply with ERISA requirements or make matching contributions. Through voluntary retirement accounts, the program promotes self-reliance and empowers workers to save for their own retirement. It makes it a lot easier to save your money if it goes into a savings account before you can spend it!
Unless an employee opts out, 3 percent of each paycheck would be automatically directed to a retirement account. Studies show that 71 percent of workers participate in a retirement savings plan when it's offered by their employer - and only 5% save if their employer doesn't offer a plan. Employers would be responsible only for setting up the payroll deduction and, to avoid running afoul of the federal tax code, could not contribute to the IRA. New businesses and those with fewer than 10 employees would be exempt.
Over 2.5 million private sector workers in Illinois do not have access to a retirement savings account through work. Nationally, 45% of working-age households have no retirement savings. This program would drastically reduce those numbers in Illinois and increase savings.
Get This Done!
Send an email to your legislator to support the Illinois Secure Choice Savings Program! You can also call your legislators at 1-800-719-3020 on our toll free hotline.
It's time that all Illinois workers have the opportunity to take charge of their financial futures.
We'll keep you updated on this issue in the coming weeks.
Sun-Times Editorial - State Should Approve IRA bill, help Illinoisans Save
The Shriver Brief - The Secure Choice Savings Program (SB 2758): Ensuring All Illinoisans Retire in Dignity