retirement savings

CSG Midwest

The U.S. Department of Labor unveiled a new rule in August that it hopes will remove uncertainties about the role of states in administering retirement plans for private-sector workers. Thus far, eight U.S. states, including Illinois (SB 2758, enacted in 2014), have passed laws to create payroll-deduction IRA programs. They are designed to help individuals who don’t have workplace savings arrangements such as a 401(k) plan. (One-third of U.S. workers do not have access to retirement savings plans through their employer.)