08.17.18
Illinois Governor Proposes Making Secure Choice Retirement Program Optional for Employers
by: Meaghan Kilroy
Illinois Gov. Bruce Rauner issued an amendatory veto Tuesday making it optional for employers to participate in the state's Secure Choice program. The Secure Choice program, which was signed into law in 2015 by then-Gov. Pat Quinn, requires that employers that have been in business for at least two years and have 25 or more employees participate in Secure Choice or provide their own retirement savings plan. Since the program has been implemented, "valid concerns" have been raised about a mandatory program potentially leading to fewer small retirement plans offered by employers, terminations of existing small plans, and concerns about the program's "viability under federal law," Rauner wrote in his veto message Tuesday. Legislators are now left with three options. They can approve the change, allow the technical changes bill to which Rauner's action applies to die, or override the amendatory veto.
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