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Illinois Treasury Secretary Says Retirement Savings Program May Face Threat From Federal Legislation


An Illinois savings program for private sector workers may be in jeopardy. 

The U.S. House recently adopted resolutions overturning rules that helped create the program, called Secure Choice.  It’s now before the Senate and State Treasurer Michael Frerichs is urging a no-vote.  He believes workers need it to save for retirement.  

"There are over a million private-sector workers in Illinois who aren't offered retirement savings options through their employer, and these workers simply are not saving on their own," Frerichs says. "Because these workers aren't saving now, they're going to rely on federal and state programs later in life in their retirement." 

Secure Choice is expected to be fully operational next year and is designed for businesses too small for a workplace savings program.