Legislation for Statewide Savings Program Advancing
SPRINGFIELD, Ill. (AP) - Illinois lawmakers are advancing legislation that would give most private-sector employees access to retirement plans through a government program.
Proposals in the House and Senate would require most businesses without retirement plans to enroll workers in a statewide savings program.
The program would take 3 percent from employee paychecks and put money into a privately managed investment fund. Employees could choose to opt out of the program.
State Sen. Daniel Biss says it would allow millions of people to save for retirement with little cost to government and businesses. The Evanston Democrat's measure passed a Senate committee on Tuesday after lengthy debate.
Business groups say the state shouldn't force businesses to enroll employees. They argue it would add costs and complications to businesses.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Wind: 0 MPH
Humidity: 94 %