State-Sponsored Retirement Savings Program Enters Pilot Phase

Apr 19, 2018

State Treasurer Mike Frerichs speaks to an audience gathered for a panel on saving for retirement at the University of Illinois I-Hotel.
Credit Jim Meadows / Illinois Public Media

The first employers are being signed up now for Illinois’ Secure Choice retirement savings program. State Treasurer Mike Frerichs says that under the program, private-sector workers who don’t have a retirement plan at their job can have a portion of their pay automatically set aside in a state savings program. Frerichs says those savings will be shielded from any state financial problems.  

Frerichs discussed the Secure Choice program Wednesday at a panel on retirement savings at the University of Illinois. He says right now, the program is signing up employers who want to join the program early. Their employees will start seeing deductions from their paychecks this summer, unless they choose to opt out. 

Secure Choice will expand to cover other Illinois employers with 25 workers or more starting this fall and continue through next year.

Story Source: Illinois Public Media