*Letters

Illinois State Run Retirement Program

Published on:
March 20, 2014
Issue:

SIFMA wrote a memorandum in opposition to legislation in Illinois (SB 2578) that would would establish an Automatic Enrollment Individual Retirement Account (IRA) Program run by the State, with the stated intent of promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner.

SIFMA believes SB 2758 is a step in the wrong direction. It would burden the State with additional costs and liability to develop, establish and administer a new program. Such a program would compete with the private market which today provides a wide variety of individual retirement account options for employees who are ready to contribute a percentage of their annual compensation towards retirement.

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