Illinois’ historic new retirement savings law

Lawyers' Forum

By Joel W. Rice

Joel W. Rice is a partner at Fisher & Phillips LLP, a national labor and employment law firm that represents employers. He can be reached at jrice@laborlawyers.com.

Posted January 22, 2015 2:34 PM

Illinois recently made history as the first state in the country to require small businesses to offer employees the option of enrolling in individual retirement accounts. Called the Illinois Secure Choice Savings Program (Senate Bill 2758), the new law is intended to encourage workers without access to retirement accounts through their employment to save for their retirement. Several other states are in the process of either enacting or introducing similar legislation, including Massachusetts, California …

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