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More Employers Could Set Up Retirement Plans

More Employers Could Set Up Retirement Plans

Photo: Associated Press

A generation is approaching retirement age without enough money saved. State Sen. Daniel Biss (D-Evanston) says making it easier for employees to put something away is a good idea.

Employers not currently offering a retirement plan would automatically enroll employees in an IRA via 3 percent payroll deduction. The employees could change or cancel that withholding. Some of the lawmakers voting against the bill file it under “Not every good idea is a good bill.”

“Rather than cramming this plan down everybody’s throat, why don’t we just legislatively give every company the authority to implement their own plan?” State Sen. Jim Oberweis (R-Sugar Grove) asked in debate.

“They have that precise authority today,” Biss

responded. “In fact, it is currently the case that 57 percent of all large corporations that offer a 401(k)” use an opt-out provision.

 

S.B. 2758 passed the Senate, 31-22-2.

 

 

 

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