Senate OKs state retirement savings program

SHARE Senate OKs state retirement savings program

SPRINGFIELD – A proposal giving private-sector workers access to a retirement savings program has cleared the Illinois Senate.

The state Senate passed the measure 30-22 on Wednesday. The program would require businesses with 25 or more workers and no retirement savings plan to enroll employees. Workers would contribute 3 percent of their paycheck into the fund, but they could choose to opt out. The state would oversee the privately managed investment fund.

State Sen. Daniel Biss, D-Evanston, sponsored the measure. He says the program allows millions of Illinoisans to save for retirement with little cost to government and businesses.

Business groups say the state shouldn’t force businesses to enroll employees. They argue it would add costs and complications to businesses.

The legislation, Senate Bill 2758, now moves to the Illinois House.

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