Thank you for visiting paducahsun.com, the online home of The Paducah Sun.

June 2012
27 28 29 30 31 01 02

Click here to submit an event.

Illinois lawmakers push for state retirement savings plan

By CHACOUR KOOPAssociated Press

SPRINGFIELD, Ill. - Opponents of a proposed state retirement savings program for private-sector workers say the Democratic-backed plan would burden small businesses in an already struggling economy.

Similar to a plan pushed by President Barack Obama in his State of the Union address, the proposal sponsored by state Sen. Daniel Biss cleared a Senate committee earlier this month after lengthy debate. Now Biss has until an April 11 deadline for voting bills out of the Senate to gather support for the program, which has failed to gain approval in recent years.

The proposal calls for businesses without retirement plans and that have 10 or more employees to enroll workers in a savings program overseen by the state. Typically, 3 percent of each participant's paycheck would be pooled into a privately managed investment account overseen by a new state board. Employers would be required to sign up workers, but employees could opt out.

Biss wouldn't call the plan a part of the populist agenda in an election year but said "it is encouraging that there's so much discussion about ways to build ladders into the middle class for low wage workers." He says this program would help millions of Illinoisans who don't have access to employer retirement savings programs.

"I think the increasing discussion about income inequality has left people seeking a mechanism to address that growing problem, but also a mechanism that's not costly for government or for employers when we're experiencing still a far too high rate of unemployment," the Evanston Democrat said.

Democrats who control the Illinois House and Senate are pushing for a minimum wage increase, a graduated or "progressive" income tax that would require more from the wealthy and a tax on millionaires to fund education.

Business groups and Republicans who oppose the plan are asking instead for a study to determine if this plan could work, and they say they would partner to educate workers about saving for retirement.

Kim Clarke Maisch, the Illinois state policy director for the National Federation of Independent Business, said forcing businesses to enroll employees would add to costs and actually hurt low income workers.

Comments made about this article - 0 Total

Comment on this article

Your comment has been submitted for approval
captcha 9a89daa8bfef4a7b91ceed5916889a4b
Top Classifieds
  • RUNNING, fixable, junk vehicles, equi ... Details
  • Cash for farms & gold (270)339-8 ... Details
  • ONLINE Real Estate Auction 435 ... Details
  • 52" Pioneer Projection TV $15 ... Details
  • Seasoned Firewood. 243-5815 Details
  • PILLOW TOPmattress sets NEW in plasti ... Details
  • Deutz-Fahr Cab Loader 4X4, Clean, 270 ... Details
  • BRK Colonial 4500SF 9 rm, 4br, 5 ba, ... Details
  • 2003 16X80 Clayton Mobile Home, 3 BR ... Details
  • FAIRHURST BLDG.295 sq. ft. office1900 ... Details
  • OPEN HOUSE SUNDAY 2-4126 Mimosa Paduc ... Details
  • Open House Sunday 1-3pm 5525 KY ... Details
  • SEEING is believing! Don't buy p ... Details
  • Sale by Owner65 Acres inLivingston Co ... Details
  • FHA, USDA, VA & Conventional Loan ... Details
  • 2005 HD HERITAGE DELUXE CLASSIC , Ne ... Details
  • 2000 YAMAHA 65 V-Star 34k $1800 ( ... Details
  • Harley Davidson 1994 Softtail Spring ... Details
  • 2002 Hyundai Santa Fe, $3,800.270-705 ... Details
  • 2001 Corvette Convertible, Heads Up D ... Details
  • 02 HD Softail Duece,82k,$6,500 (270) ... Details
  • SHARPE 2006 MONTE CARLO LT. Sunroof, ... Details
  • 1971 Honda Trail 70, call after 5pm 2 ... Details
This Week In Photos
Most Popular
  1. Warmer weather ahead for Paducah
  2. School employees challenge union fees
  3. Trump gives support to 2nd Amendment following shooting
  1. Architects to do 2 City Hall designs
  2. Paducah Beer Werks wins medal
  3. Coke pays to twist the truth
  1. Williams' widow, kids settle estate fight
  2. Warmer weather ahead for Paducah
  3. School employees challenge union fees

Check out these recently discussed stories and voice your opinion...