AARP Applauds Passage Of Illinois Secure Choice Savings Program

Statement from AARP Illinois State Director, Bob Gallo

Dec 03, 2014, 17:44 ET from AARP Illinois

SPRINGFIELD, Ill., Dec. 3, 2014 /PRNewswire-USNewswire/ -- "Today, the General Assembly took a monumental step toward helping to ensure a more secure financial future for small business employees in Illinois by passing Senate Bill 2758 – the Illinois Secure Choice Savings Program.  AARP applauds Senator Daniel Biss and Representative Barbara Flynn Currie for their leadership on the bipartisan bill and we commend the General Assembly for ensuring that this landmark piece of legislation makes it to the Governor's desk for signature.

The Illinois Secure Choice Savings Program means more private savings, a stronger competitive edge for small businesses, and a more secure financial future for our state.  Over 2 million Illinois workers who did not previously have access to a workplace retirement plan will now have access to an Individual Retirement Account – and many small businesses in Illinois will, for the first time, be able to offer current and potential employees the benefit of a workplace retirement account.  At a time when the state of Illinois is too often considered last in the nation on a variety of economic issues, I am proud to say that our state can claim the title of being the first state in the nation to pass legislation creating a comprehensive retirement security program of this kind.

Social Security was never meant to be a worker's sole source of retirement income – it is simply not enough to live on. Private savings is a huge piece of the retirement security puzzle.  That's why AARP fully endorsed Senate Bill 2758 and we urge Governor Quinn to sign the bill into law."