More Illinois workers eligible to join state-coordinated retirement program

Retirement illustration Photo credit Getty Images

(WBBM NEWSRADIO) – A retirement savings program offered by the state of Illinois has expanded to workers at smaller businesses.

State Treasurer Mike Frerichs says Illinois businesses that do NOT offer their own retirement savings plans to workers are required to sign up for the state's Secure Choice program.

“Money goes into their own individually managed IRA. We just make it easier for them to do something they already know they need to do: to save for their retirement.”

The program recently expanded to Illinois businesses with as few as 16 employees. Late next year, businesses with as few as five workers will either have to offer retirement savings plans or sign up for Secure Choice.

As of last month, about 109,000 workers in Illinois had saved $91 million for retirement through Secure Choice.

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Featured Image Photo Credit: Getty Images