Program Could Help More Illinoisans Build a Nest Egg
(Undated) -- House lawmakers are expected to vote soon on legislation that would expand access to employment-based retirement savings in Illinois. Senate Bill 2758, also known as “The Illinois Secure Choice Savings Program," would provide an Individual Retirement Account plan for businesses that have 25 or more employees that have been in business for more than two years. Heather Heppner with AARP Illinois says the program will encourage workers save for their future. The average Social Security benefit in Illinois is slightly more than 12-hundred dollars per month, and Heppner says the program could keep many retirees from depending only on Social Security. S-B 2758 passed the Senate in the spring and is hoped to be voted on when the House reconvenes for the veto session today.