The Leading Logic In Sports Handicapping |
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Breadman
StatFox Hall of Famer
Registered: Jan 2003
Posts: 10941
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Don't think I would invest in any product the state of Illinois offers....but you get the general idea in this....
Treasurer’s Note
A Retirement with Dignity
We hit another milestone.
The Secure Choice retirement savings plan eclipsed the 100,000-saver mark.
Secure Choice is the innovative retirement savings plan that travels with the worker, helping them to save their own money for their own retirement. Because the plan is portable and automatic, it is easier to save, will allow a worker to retire with dignity, and will save taxpayer money by reducing the need for publicly funded safety-net programs.
This auto-enroll IRA is designed to combat the retirement crisis facing our country. According to the Economic Policy Institute, nearly half of all working-age families have nothing saved for retirement. Additionally, according to the Georgetown Center for Retirement Initiatives, 23 percent of Illinois retirees rely on Social Security for at least 90 percent of their retirement income.
This is unsustainable. It is why Illinois lawmakers created Secure Choice and tasked the Illinois State Treasurer’s Office with managing it. Today, more than 100,000 workers and 6,400 employers participate in Secure Choice, with $85 million already saved. None of this was possible without Secure Choice.
The General Assembly required employers to either offer a retirement savings plan or participate in Secure Choice, which is overseen by a seven-person board that includes representatives from the employer and employee communities. Savings are managed by a private-sector financial services firm and kept in a trust outside of state government and its finances.
Key to passing the legislation was the assurance that employers would not be financially liable for plan administration and would not be legally liable for investment changes.
Enrollment began in 2018 with companies at least two years old and with 500 or more employees. Smaller companies enrolled in phases thereafter to ensure a smooth transition. The success was so strong that most business groups initially neutral or opposed to Secure Choice did not oppose expanding the program in 2021. That legislation requires employers with at least five employees to provide a retirement vehicle, or access to Secure Choice, by November, 2023.
The access is critical. Workers are 15 times more likely to save for retirement if they can do so at work.
“Pay yourself first.” That was the simple advice of publisher George Samuel Clason 100 years ago. It still rings true today. Secure Choice helps workers save their own money for their own retirement. Helping people help themselves is one way the Illinois State Treasurer’s Office is Invested in You.
Sincerely,
Michael W. Frerichs
Illinois State Treasurer
Tell/support a lie once, and all your truths become questionable.
aka IntenseOperator
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04-09-22 01:48 PM |
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