Illinois’ retirement program hits major milestone

(WTVO) — One hundred and seventeen thousand people in Illinois are saving money for their retirement through Illinois Secure Choice.

The Treasurer’s Office said that workers in the program have set aside more than $100 million. Employers that offer this kind of retirement savings plan takes 5% out of a worker’s paycheck, but residents can raise or lower the rate to what they want to contribute.

Lawmakers passed the program in 2015 before officially rolling it out in 2018. More employers have opted into the program since then, around 9,000 participating in the plan.

State Treasurer Michael Frerichs said that it is important for people to invest in a retirement plan, so they have money in the future.

"It’s important for these employees so that they can have a retirement with dignity. It’s important to all of us," Frerichs said, "So their spending doesn’t drop off in retirement, it’s important that they are able to retire at a young enough age to open up other workplace opportunities for other people."

Any money that residents have contribute to their plan carries over to their new employer if they switch jobs. Employers that want to enroll in the program must do so by November 1.

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January 17, 2023 at 06:10PM

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