Illinois Becomes First State To Adopt Mandatory Retirement Savings Law

On January 4, 2015, Governor Quinn signed into law the Illinois Secure Choice Savings Program Act.  With this law, Illinois becomes the first state to mandate a retirement savings plan for private sector employees.  The Governor stated that this law responds to the problems resulting from the fact that 1/3 of Illinois retirees rely on Social Security for 90 percent or more of their retirement income.  The stated purpose of the law is “promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner.”

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