Illinois Secure Choice Helps Address Retirement Savings Crisis As Key Deadline For Small Businesses Approaches
SPRINGFIELD – Nearly 129,000 Illinois workers already are saving for retirement courtesy of the Illinois Secure Choice program, and now a key deadline is approaching for small employers to help even more employees do the same. Under state law, businesses that had between 5 and 15 employees last year have until Nov. 1, 2023 to help their workers access a retirement savings option by either signing up for Illinois Secure Choice or offering a private retirement plan. “There is a growing recognition that many workers understand that Social Security alone will not be enough to make ends meet after their working days are over,” said State Treasurer Michael Frerichs, whose office administers the program. “Illinois Secure Choice helps workers retire with dignity and confidence.” The Illinois General Assembly created Secure Choice in 2015 and assigned the Illinois State Treasurer’s Office to help set up the program. Lawmakers assured employers they would
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