Illinois’ State-Sponsored Retirement Program Enters Pilot Phase

Northern Public Radio recently published an article discussing the pilot phase of Illinois’ State-Sponsored Retirement Program, Secure Choice. Illinois employers with 25 or more workers can offer Secure Choice, which automatically channels five percent of workers’ paychecks into a Roth IRA. ​“Because everyone knows they need to save for their retirement,” says State Treasurer Mike Frerichs. “We just put if off because it’s too difficult, it’s complicated, it’s confusing, or I can’t put the money aside today. But when we help them take it out of their paycheck, where they don’t have to do anything, they don’t miss the money, most people continue to save. They stay in the program.”​