Three years ago, Illinois became the nation’s first U.S. state with a law to help private-sector workers save for retirement via a state-facilitated savings plan. This summer, the treasurer’s office began its rollout of this potentially groundbreaking initiative, known as Secure Choice.
The program launched with a small set of voluntary employers in Illinois who agreed to automatically enroll workers through their payroll systems. But participation soon will be mandatory for many Illinois businesses — namely, those with 25 or more employees that don’t offer a 401(k) or other qualified savings plan of their own.
“By the fall of 2019, all of the employers who are required to participate in Secure Choice will be registered and enrolled and have their employees ready to go,” says Courtney Eccles, director of the program for the Illinois treasurer’s office.