Treasurer Frerichs' Plan to Help Workers Retire with Dignity Tops 100,000 Savers
SPRINGFIELD – The innovative plan to create a mobile retirement savings account that travels with the worker topped the 100,000 enrollment milestone, Illinois State Treasurer Michael Frerichs said today. Frerichs set up the Secure Choice retirement savings program to combat the retirement savings crisis in Illinois and across the country. Illinois is a national leader in offering an auto-enroll IRA program. Workers in Illinois began saving in July, 2018. “A retirement savings tool that can travel from job-to-job with the worker makes it easier to save, allows a worker to retire with dignity, and saves taxpayer money by reducing the need for publicly funded safety-net programs,” Frerichs said. Today, more than 100,000 workers and 6,400 employers participate in Secure Choice, with $82 million already saved. None of this was possible without Secure Choice. The 100,000 milestone was surpassed in the first quarter of this year. “I chose to enroll in Illinois
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