Automatic payroll deductions for Illinois workers’ retirement accounts coming next monthOn October 15, 2019 by Raul Dinwiddie
((MIMI)) AN ILLINOIS RETIREMENT PILOT PROGRAM IS SET TO GO FULL SCALE NEXT MONTH. EYEWITNESS NEWS IS KEEPING YOU CONNECTED TO THE CAPITOL. THE SECURE CHOICE PROGRAM STARTED IN MAY 20-18. 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. WE SPOKE WITH ILLINOIS STATE TREASURER MICHAEL FRERICHS ABOUT THE PROGRAM OVER THE WEEKEND. Michael Frerichs/Illinois State Treasurer “This is automatic payroll deduction. People take money out of their paycheck automatically going into an individual Roth IRA. 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.” ((MIMI)) EMPLOYEES CAN CHANGE HOW MUCH THEY CONTRIBUTE… OR CAN OPT-OUT COMPLETELY. 1-POINT-2 MILLION WORKERS ARE EXPECTED TO BENEFIT FROM THE PROGRAM. ((MIMI)) LATER THIS WEEK… ILLINOIS LAWMAKERS WILL RETURN TO THE STATE CAPITOL FOR THE FALL VETO SESSION.