Mike Frerichs

Illinois plan for retirement accounts at small employers is in jeopardy

Illinois plan for retirement accounts at small employers is in jeopardy

Illinois' new Secure Choice program, which is supposed to let 1.3 million workers save for retirement easily through their jobs at small companies, is being threatened by an attempt by Congress to roll back business regulation, according to Illinois Treasurer Michael Frerichs.

Secure Choice, which Frerich's office is in the process of launching, is supposed to be available to small-business employees in 2018. It would require small companies that employ more than 25 workers and don't offer 401(k)s or pension plans to make available individual retirement accounts that would be run by the state. The program is expected to open up retirement savings opportunities to a whole new group...

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