An Illinois retirement program is set to start in November

National

ROCKFORD, Ill. (WTVO) — An Illinois retirement pilot program is set to go full scale next month.

The Secure Choice Program started in May 2018.

It requires businesses with 25 or more employees, that don’t provide retirement plans, to take part.

It’s been phased in over the last year, starting with large companies.

Illinois State Treasurer, Michael Frerichs, explained the program.

“This is automatic payroll deduction. People take money out of their paycheck automatically going into an individual Roth IRA,” Frerichs said. “They can save and invest that money themselves and then when they are ready the money, the growth in the that account will be tax free.”

Employees can change how much they contribute, or can opt-out completely.

1.2 million workers are expected to benefit from the program.

MORE HEADLINES:

For more local news, download the MyStateline app (iOS) or (Android) and subscribe with Alexa.

Follow us on Facebook, Twitter, YouTube and Instagram!

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories