The Illinois Senate last week approved a bill that would create a retirement savings program for private-sector workers that don't have access to an employer-sponsored retirement plan.
The Illinois Secure Choice Savings Program Fund would allow workers to set aside money for retirement through a payroll deduction IRA that would be low-cost, convenient and portable when people change jobs.
The Illinois Secure Choice Savings Program Fund would consist of money received from enrollees and participating employers. The Act sets forth the composition of the Board, the Board's duties and provisions governing risk management, investment firms and investment options.
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