UPDATE: IL Senate OKs State Retirement Savings Program

   Illinois Senate passes proposal to create retirement savings program for private businesses

MGN Online

SPRINGFIELD, Ill. (AP) -- In a story April 9 about proposed retirement savings accounts for private-sector workers, The Associated Press reported erroneously in the first sentence that the program cleared the Illinois Legislature. It cleared the Senate.

A corrected version of the story is below:

SPRINGFIELD, Ill. (AP) -- A proposal giving private-sector workers access to a retirement savings program has cleared a hurdle in Illinois Legislature.
The state Senate passed the measure 30-22 on Wednesday. The program would require businesses with 25 or more workers and no retirement savings plan to enroll employees. Workers would contribute 3 percent of their paycheck into the fund, but they could opt out. The state would oversee the privately managed investment fund.
State Sen. Daniel Biss sponsored the measure. He says the program allows millions of Illinoisans to save for retirement with little cost to government and businesses.
Business groups say the state shouldn't force businesses to enroll employees. They argue it would add costs and complications to businesses.
The measure now moves to the Illinois House.
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