The General Assembly advanced legislation during the week, which would require businesses with 25 or more employees to enroll employees in a state-sponsored retirement savings program. The program would force business owners to automatically deduct at least 3 percent from the employees’ paychecks.
The deduction would then contribution into the IRA account. Employees would have to actively pursue “opting out” if they did not want to participate.
Senate Republicans argued that lawmakers should not be advancing legislation that would place additional burdens on Illinois’ employers.