Illinois Secure Choice Retirement Savings Program Hits $100 Million Mark - Employers Encouraged To Leverage Public-Private Partnership
SPRINGFIELD – Workers who participate in the Illinois Secure Choice retirement savings program have set aside more than $100 million of their own money for their retirement, Illinois State Treasurer Michael Frerichs said today. The threshold signals a growing recognition that workers understand Social Security alone will not provide enough income after their working days are over and reflectsdata that shows workers are more likely to save for retirement if they can do so through workplace payroll deductions. “Secure Choice helps workers in Illinois retire with dignity and confidence,” Frerichs said. “The program is one way my office provides people the tools to achieve the American Dream.” Through Illinois Secure Choice, workers can save for retirement through Individual Retirement Accounts (IRAs) funded by payroll deductions facilitated by their employers. The default option for program participants is to enroll in a target-date Roth IRA with a 5 percent
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