Illinois became the first state in the nation to require employers to automatically enroll workers—potentially millions—in Roth individual retirement accounts.
Gov. Pat Quinn (D) on Jan. 4 signed S.B. 2758, which creates the Illinois Secure Choice Savings Program. Quinn said the new law would give nearly 2.5 million private-sector workers access to an employer-sponsored retirement savings vehicle for the first time. The law applies primarily to employers that don’t currently offer any type of retirement benefits. S.B. 2758 doesn’t require employers to make contributions on behalf of their employees.
During a bill-signing ceremony, Quinn said Illinois is the first ...
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