News

Legislation: Forced Pensions For Private Businesses

Legislation:  Forced Pensions For Private Businesses

Photo: Newsradio WTAX

Legislation is advancing in the Illinois House and Senate that would require most private-sector businesses without retirement plans to enroll their employees in a statewide savings program.

The program would take three percent from workers’ paychecks and put the money into a privately managed investment fund, however employees could choose to opt out of the program.

State Senator Daniel Biss says his proposal would allow millions of people to save for retirement with little cost to the government, or to businesses.

Business groups say the state shouldn’t force businesses to enroll employees in the plan, arguing that it would add costs and complications to businesses.

Recent Headlines

in Local

Hope Institute Places CEO on Interim Leave

Fresh
hope institute logo

DCFS investigates abuse allegations

in Election 2014, Local

Oberweis Courts Black Vote

oberweiss

"Pastor on the roof" backs Republican

in Election 2014, Local

Obama Offers Quinn Help; GOP Says Quinn Needs It

Quinn and Obama

Fund-raiser for the governor Thursday

in Local

Springfield Aldermen Want to Keep Pay Flat

municipalcenter

The Springfield City Council doesn't think it, or other elected officials, should get pay raises.

in Local

Rail “Flyover” Planned Between Stanford & I-72, Though Work Still Years Away

railroad

The planning to alleviate a major freight rail traffic bottleneck is wrapping up.