Illinois State Senate District 2 issued the following announcement on Aug. 13.
Private pensioners in the Secure Choice Savings Program will have a new retirement savings option available to them under a bill signed by Gov. JB Pritzker last week. Senate Bill 1787 was introduced by State Senator Omar Aquino (D-Chicago).
Senate Bill 1787 adds a traditional IRA to the options provided under the Secure Choice Savings Program. The program covers around 1.2 million private-sector pensioners in Illinois.
“Traditional IRAs are one of the more stable options when saving for your retirement,” said Aquino. “I want to make sure that people saving for retirement have all options available to them. They should be able to choose how they begin saving for their future.”
Aquino served as chair of the Senate Government Accountability and Pensions Committee during this year’s legislative session.
Senate Bill 1787 takes effect immediately.
Original source can be found here.