Welcome

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

Calendar
June 2012
S M T W T F S
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 ab6293a44f5449e290e8e2e472c4569e
Top Classifieds
  • HAVANESE PUPS AKC Home Raised, Best H ... Details
  • PILLOW TOPmattress sets NEW in pl ... Details
  • Downsizing Due To HealthAntique furni ... Details
  • Corner Lot 1 acre $12,000 Kevil 27048 ... Details
  • SEEING is believing! Don't b ... Details
  • 2002 Camry LE 142Kmi, silver, $4200, ... Details

Most Popular
  1. Prime Minister Netanyahu names hard-liner as new defense minister
  2. No arrests made at rowdy Trump rally
  3. WHAT'S IN A NAME? Selling naming rights helps stretch educational budgets
  1. Officer accidentally shoots teen
  2. Ex-rescue squad officer charged with fraud
  3. Energy savings earn Graves schools $97,555 in rebates
  1. Prime Minister Netanyahu names hard-liner as new defense minister
  2. No arrests made at rowdy Trump rally
  3. WHAT'S IN A NAME? Selling naming rights helps stretch educational budgets
Discussion

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