Plan to offer new retirement savings option will head to governor

A bill introduced by state Sen. Omar Aquino, D-Chicago, that would add traditional individual retirement accounts as an option to the Secure Choice Savings Program passed the Illinois House.

The Secure Choice Savings Program is a retirement savings program that provides retirement options for private-sector employees in Illinois. Senate Bill 1787 adds a traditional IRA to the options provided under the program, which covers about 1.2 million pensioners.

“All pensioners in Illinois should have safe and secure options available to them,” said Aquino. “As chair of the Senate Government Accountability and Pensions Committee, I want to see people have all options on the table when it comes to saving for their retirement.”

Senate Bill 1787 now awaits the governor’s signature.