Welcome!

News Feed Item

Senate Committee Passes Retirement Security Bill - AARP Urges Full Senate To Follow Suit

The Illinois Secure Choice Savings Program Would Help Provide Retirement Security for over 2.5 Million Illinoisans

SPRINGFIELD, Ill., March 20, 2014 /PRNewswire-USNewswire/ -- Today, the Senate Executive Committee took a positive step toward helping to ensure that workers in Illinois can secure their financial futures.  The committee passed Senate Bill 2758 – the Illinois Secure Choice Savings Program.  The bill, sponsored by Sen. Daniel Biss provides a simple retirement savings opportunity to over 2.5 million workers in Illinois who do not currently have access to an employer-based retirement savings plan.  The bill is sponsored in the House by Rep. Barbara Flynn Currie (House Bill 4595).

"Over 53% of the private-sector workforce in Illinois does not have access to a retirement savings plan through work," said Bob Gallo, AARP Illinois State Director.   "The Illinois Secure Choice Savings Program creates real possibilities to help encourage private savings so more people can live independently as they age, relying less on government safety-net programs."

Senate Bill 2758 would provide an Individual Retirement Account (IRA) plan for businesses that have 10 or more employees that have been in business more than two years.  The program enables businesses to facilitate employee savings without having to sponsor a plan, comply with ERISA requirements or make matching contributions.  Workers would be automatically opted-in to an account, but could opt-out at any time, and the accounts would be portable. 

"With private sector workers, especially low-wage workers, increasingly lacking access to retirement plans, Illinoisans face a severe and growing risk of retiring deep into poverty," Biss said. "Senate Bill 2758 is the solution that's least burdensome to government and businesses that will allow more workers access to safe, portable and affordable ways to save and invest."

"The Secure Choice Savings Program will help small businesses like mine compete with larger employers that offer retirement packages and will help us attract and retain highly qualified employees so that our businesses are sustainable," said Excell Lewis, owner of XL Academics, a small technology company based in Rockford.

Nationally, 45% of working-age households have no retirement savings and the average Social Security benefit in Illinois is only $1,281 per month.  Research has shown that people are more likely to save for retirement if they can do so through work.  Over 71% of workers participate in a retirement savings plan when it is offered by their employer – and less than 5% save if their employer does not offer a plan.  In addition, automatic enrollment in retirement savings plans have been shown to increase participation in those plans to 90-95%.

"AARP is committed to ensuring that Illinois workers have the tools they need to be financially secure in retirement," said Gallo.  "We applaud the Senate Executive Committee for passing this legislation and we urge the full Senate to follow suit."

The Illinois Secure Choice Savings Program is supported by AARP Illinois, Shriver Center, Woodstock Institute, Heartland Alliance, SEIU and over 30 other business, association and advocacy groups. 

SOURCE AARP Illinois

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
“Being the one true cloud-agnostic and storage-agnostic software solution, more and more customers are coming to Commvault and saying ' What do you recommend? What's your best practice for implementing cloud?” explained Randy De Meno, Chief Technologist at Commvault, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...