Illinois is launching on May 15 the first phase of a program designed to get more than a million private sector workers in the state saving for retirement.
As Illinois rolls out its secure choice retirement savings program, it follows in the footsteps of Oregon, the first state with a program requiring employers to either offer a retirement plan or automatically enroll workers in a state-run individual retirement account program.
Employers with 25 or more employees that have been operating in Illinois for at least two years must enroll employees in the program if they don’t have a retirement plan....
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(Corrected to reflect that ERIC argued that only some portions of the Oregon law was preempted by ERISA.)