State considering retirement savings for workers

By Alex Davis |

Published 04/10 2014 05:34PM

Updated 04/10 2014 06:11PM

ILLINOIS -- If you're not already saving for retirement, some lawmakers want to help you get the ball rolling. They want to create the Illinois Secure Choice Savings Program. It's for those without a 401K or IRA.

The measure would set up retirement accounts for people working in places with 25 or more employees. Three percent of a worker's wages would be deducted automatically. Those pushing for it claim it could help 2.5 million Illinoisans save for retirement, citing people are living longer and need to look beyond Social Security.

But, not everyone thinks the program is needed. The Illinois Chamber of Commerce is just one of many business organizations fighting it saying the state has a poor reputation with managing finances and, if someone really wanted to start saving, they could do it on their own.

The savings would transfer from job-to-job and anyone wanting to opt out, could. The bill passed the Senate and is now in the House.

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