Late next year, businesses with as few as five workers will either have to offer retirement savings plans or sign up for Secure Choice. As of last month, about 109,000 workers in Illinois had saved $91 million for retirement through Secure Choice.
$91 mil/ 109,000= $866? Anybody can open an IRA or ROTH IRA. But i have no problem with this program in general ,other than it could become excuse for employers to NOT offer 401ks or more generous plans. What the state should be doing is having mandatory financial literacy class for all hs grads
Aaron
3 years ago
this is great news for the demand for immigrants!
Waggs
3 years ago
Just looked at the Secure Choice website and a few things stood out: 1. Employers who do not register their business and roster their emloyees will face fines/penalties. 2. Employees have 30 days to choose a plan or opt out. If they do nothing they will automatically be enrolled. Questions (albeit rhetorical): Who’s getting paid to „manage” these accounts? Will the accounts be managed as successfully as the public pensions? How many more burdensome administrative/regulatory hoops can small business owners jump thru before they just take their ball and go somewhere else? Well done State of Illinois. You’ve done it… Read more »
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
$91 mil/ 109,000= $866? Anybody can open an IRA or ROTH IRA. But i have no problem with this program in general ,other than it could become excuse for employers to NOT offer 401ks or more generous plans. What the state should be doing is having mandatory financial literacy class for all hs grads
this is great news for the demand for immigrants!
Just looked at the Secure Choice website and a few things stood out: 1. Employers who do not register their business and roster their emloyees will face fines/penalties. 2. Employees have 30 days to choose a plan or opt out. If they do nothing they will automatically be enrolled. Questions (albeit rhetorical): Who’s getting paid to „manage” these accounts? Will the accounts be managed as successfully as the public pensions? How many more burdensome administrative/regulatory hoops can small business owners jump thru before they just take their ball and go somewhere else? Well done State of Illinois. You’ve done it… Read more »