Treasurer’s Office celebrates $1 million saved in new private sector retirement program

Treasurer’s Office celebrates $1 million saved in new private sector retirement program

ILLINOIS (WMIX NEWS) — Illinois now has more people saving for their retirement thanks to a program launched with help of the Treasurer’s Office. Secure Choice officially launched a few months ago and is managed on a day-to-day basis by a private-sector financial service firm called Ascensus.

Treasurer Michael Frerichs says more than $1 million has been saved by approximately 9,000 employees at Illinois businesses that were not previously offering their employees a way to save.

Program participants are enrolled in a default target-date Roth IRA with a 5% contribution rate. Treasurer Frerichs says the accounts are owned by the individual participants and are portable from job-to-job.

Enrollment for wave 2 is now open. The deadline to register is July 2019 and more information can be found at ilsecurechoice.com or by calling
855-650-6913.