WASHINGTON, DC – The Asset Building Program at New America applauds the Illinois General Assembly's passage this week of the Illinois Secure Choice Savings Program Act) The legislation will create the nation's first state-based, automatic enrollment retirement plan for workers who are not offered a plan by their employer.
The following statement can be attributed to Reid Cramer, Director of the Asset Building Program at New America:
"Illinois has taken a bold step to build greater financial inclusion and economic security for its entire workforce by enacting Secure Choice. 2.5 million workers in Illinois who are currently left out of the federally subsidized retirement savings system will now have an incredible opportunity to build wealth and a more secure retirement. This is a low-cost and common sense solution to a major public policy problem. Nationally more than 70 million workers are excluded from the existing retirement savings system. Other states and the federal government should follow Illinois' lead to build a stronger asset building and retirement security system.
New America first worked on designing legislation to support such a plan in California in 2008 and while that state passed legislation creating a pathway to offer all workers automatic inclusion in a retirement savings plan, Illinois has now leapfrogged every other state effort with the nation's most ambitious and inclusive plan. Congratulations to the bill's sponsors, the advocates who worked so hard to see this bill pass, and to the 2.5 million workers in Illinois who are now on a path to a secure retirement."