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State Rolls Out Worker Retirement Savings Plan

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More than 1.2 million Illinois workers who lack access to a retirement plan through their employer may finally benefit from a statewide initiative passed in 2015.  

Businesses that employ 500 or more people and don’t offer retirement plans of their own are now required to participate in the Illinois Secure Choice Savings Program, which automatically enrolls employees in a state-administered retirement plan.

The state is rolling out the program in three waves through November 2019, when businesses with 25 or more workers will be required to participate.

Illinois State Treasurer Mike Frerichs sat down with Morning Shift host Tony Sarabia to talk about the program.

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