Monday, May 12, 2014

Should State of Illinois Mandate Government Run Retirement Savings?


State Senator Daniel Bliss (Evanston) and State Representative Barbara Flynn Currie (Chicago) have introduced SB 2758 and passed it in the Senate. This week it is up for vote in the House.

This bill mandates that any employer with 25 or more employees have an employee retirement savings plan OR the State of Illinois will mandate a state run retirement plan for these employers/employees.

While I believe that everyone should be saving money for their retirement, and that it would be nice for employers to offer a program to help maintain and attract good employees, the fact that government should mandate and run a State plan, considering our current financial troubles is highly questionable. This legislation could impose significant costs, risks and liabilities on taxpayers and the state, as well as threaten a competitive private retirement marketplace. 

This is what you do for a living. Please contact your state representative with your opinion today.  Consider whether you want the State of Illinois doing it for you. 
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