Secure Choice Savings Program passes Illinois House
SPRINGFIELD — State lawmakers passed another mandate on businesses Tuesday. Employers with more than 25 employees would have to enroll employees in a retirement savings program. Employees would be given the option to voluntarily opt-out.
Employers are mandated to participate unless they already provide employees a savings option. Chief sponsor in the house Barbara Flynn Currie says employers are already required to withhold things like income taxes and child support from employee’s paychecks.
“This is very little different,” she said.
Representative Ron Sandack said the issue should have more investigation before another mandate is levied against small business.
“Yes, people aren’t saving up for retirement, yes we ought to do more to incentivize that,” he said. “No, we shouldn’t mandate a program that we don’t know a thing about. We shouldn’t mandate small business and encumber small business, yet again, with an expense and a burden that we really don’t know anything about.
After having passed the senate in April, the measure passed the House Tuesday 67-45.