Legislation is advancing in the Illinois House and Senate that would require most private-sector businesses without retirement plans to enroll their employees in a statewide savings program.
The program would take three percent from workers’ paychecks and put the money into a privately managed investment fund, however employees could choose to opt out of the program.
State Senator Daniel Biss says his proposal would allow millions of people to save for retirement with little cost to the government, or to businesses.
Business groups say the state shouldn’t force businesses to enroll employees in the plan, arguing that it would add costs and complications to businesses.