|By PR Newswire||
|March 20, 2014 05:37 PM EDT||
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
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Apr. 30, 2016 11:15 AM EDT Reads: 865
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
Apr. 30, 2016 11:00 AM EDT Reads: 801
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Apr. 30, 2016 11:00 AM EDT Reads: 544
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Apr. 30, 2016 11:00 AM EDT Reads: 885
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Apr. 30, 2016 11:00 AM EDT Reads: 824
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Apr. 30, 2016 10:15 AM EDT Reads: 689
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Apr. 30, 2016 10:00 AM EDT Reads: 658
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Apr. 30, 2016 10:00 AM EDT Reads: 399
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
Apr. 30, 2016 10:00 AM EDT Reads: 1,116
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Apr. 30, 2016 09:45 AM EDT Reads: 2,537
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Apr. 30, 2016 09:45 AM EDT Reads: 631
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Apr. 30, 2016 09:45 AM EDT Reads: 917
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Apr. 30, 2016 09:45 AM EDT Reads: 899
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Apr. 30, 2016 09:30 AM EDT Reads: 930
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Apr. 30, 2016 06:00 AM EDT Reads: 2,450