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).
Auto-IRA measures move forward in New York and Illinois
The states advanced respective bills, with the one in New York amending its voluntary IRA law to an automatic design and the one in Illinois dramatically lowering the threshold for mandatory participation in its existing program.
May 19, 2021 2 MINS
Two states – New York and Illinois – are working to pass legislation that would give a big boost to auto-IRA initiatives.
Last week the states advanced respective bills, with the one in New York amending its voluntary IRA law to an automatic design and the one in Illinois dramatically lowering the threshold for mandatory participation in its existing program.
Chicagoland Chamber of Commerce starts pooled employer plan
Chicagoland Chamber of Commerce starts pooled employer plan
Chicagoland Chamber of Commerce, Chicago, launched a pooled employer plan.
The plan will offer members the opportunity to pool their retirement plans together as an alternative to single-employer 401(k) plans or the Illinois Secure Choice plan, the chamber announced in a news release Tuesday.
Mesirow Retirement Advisory Services is overseeing the Chicagoland Chamber of Commerce PEP, according to the news release. The firm serves as the pooled plan provider as well as the 3(16) plan administrator and 3(38) investment manager.
The Chicagoland Chamber of Commerce is a non-profit organization with more than 1,000 member companies with a total of 400,000 employees.
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