Illinois Small Businesses and Employees will Benefit from Recently Passed Retirement Legislation
Statement by Jesse Greenberg, Small Business Majority̢???s Illinois-based Midwest Outreach Director, regarding the passage of Illinois legislation to help entrepreneurs and workers save for retirement
CHICAGO̢??Illinois small business owners and their employees soon will have more options available to help save and prepare for retirement. The state legislature passed a bill today that would make it easier for small businesses to establish basic retirement plans for their employees, without any additional cost to the business.
Recent polling conducted by Small Business Majority shows the majority of Illinois small business owners support the Illinois Secure Choice Savings Program, which would give the self-employed and small businesses with up to 25 employees the option to participate in a portable retirement account funded by employee payroll deductions. An investment company contracted by the state will manage the plan. Businesses with 25 or more employees and no workplace retirement plan will be required to offer this plan, but at no cost to the business, and employees can decline to participate.
Offering a retirement plan helps small businesses compete in the job market and boosts morale among their employees. Yet, seven in 10 small business owners in the Prairie State say they have been unable to offer a retirement plan due to a number of barriers, including lack of administrative capacity, cost of implementation, or concern over how to choose the right plan.
The bill passed today would eliminate many of these barriers and provide small employers a new and convenient option to help their employees save money so they can enjoy their golden years. We encourage the governor to sign this important legislation immediately.
<p><strong>About Small Business Majority</strong><br />
Small Business Majority is a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing America's 28 million small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions, and have delivered information and resources to entrepreneurs that promote small business growth and drive a strong, sustainable economy. We are a team of more than 30 working from our 11 offices in Washington, D.C. and 9 states, with a network of more than 45,000 small business owners and more than 2,000 business organizations, along with a formal strategic partnership program of more than 125 business organizations, enabling us to reach more than 500,000 entrepreneurs. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about issues including taxes, healthcare, access to capital, entrepreneurship, workforce development, clean energy and immigration. Learn more about us on our website and follow us on <a href="https://twitter.com/SBM_Media" target="_blank">Twitter</a>, <a href="https://www.facebook.com/SmallBusinessMajority" target="_blank">Facebook</a> and <a href="https://instagram.com/smlbizmajority/" target="_blank">Instagram</a>.</p>