Ideas

Daniel Biss
Mayor | Evanston, IL

Secure Choice Retirement Savings Program

Idea Category: Safety Net

Problem

Roughly half the private sector workforce, including over 2.5 million Illinois residents, lack access to employer-sponsored retirement plans and will not have enough money saved up for retirement. That means that a large percentage of workers will be almost entirely dependent on Social Security - which is not a sustainable way to ensure older adult participation in our economy.

Solution

Senator Biss proposed that workers in Illinois without access to employer sponsored plans should be automatically enrolled in an IRA so they can easily save for retirement. Neither the state nor employers would contribute to Secure Choice retirement accounts, and assets from individual contributions would be pooled to ensure low fees and secure investments. This program would significantly increase savings rates, taxpayers wouldn't be on the hook for anything, and employers wouldn't have to manage any burden more significant than processing a payroll deduction.

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