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Tuesday, January 27, 2015

Illinois Becomes the First State to Require Automatic Retirement...

On January 5, 2015, outgoing Governor Quinn signed landmark legislation that created the "Secure Choice Savings Plan" which will give Illinois workers who do not have the option to participate in a workplace retirement program the opportunity to defer salary contributions to an IRA. Once established, certain Illinois employers will be required to automatically enroll employees in a Roth-style individual retirement account at a default rate of 3% of salary.



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