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A measure that would expand the Illinois Secure Choice Savings Program, the state-run retirement plan for workers whose employers do not offer one, awaits the signature of Gov. J. B. Pritzker (D).
A measure that would expand the Illinois Secure Choice Savings Program, the state-run retirement plan for workers whose employers do not offer one, awaits the signature of Gov. J. B. Pritzker (D).
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The Illinois General Assembly is considering a bill (H.B. 117) that would make several amendments to the Illinois Secure Choice Savings Program Act, including extending the requirement to offer employees a retirement savings plan to employers with 5 to 24 employees. H.B. 117 was passed by the Illinois House of Representatives earlier this month and is currently pending in the Illinois Senate.
Currently, Illinois employers that have 25 or more employees and have been in business at least two years are required to participate in the state-run Illinois Secure Choice Savings Program (Secure Choice Program) or offer another qualifying retirement savings plan to employees. H.B. 117 would lower the threshold to employers with 5 or more employees.
The Department of Labor (DoL) pushed through a little-known rule in July. Millions of retirement investments could be affected. DoL expresses the view that “seldom” can Americans “prudently manage retirement benefits on their own” so they will do it.
The Department of Labor will manage private 401Ks starting in April of this year. The deadline for changes to your own 401K is January 13th.
The government has tried to steal our 401Ks for years and they updated a rule that is the camel’s nose under the tent. DoL can now make bad decisions for you. With a crisis in government pensions, these 401Ks will likely benefit government workers.