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What Types of Costs Would a State-Sponsored Retirement Savings Plan Impose on Employers: A Case Study Using the Illinois Secure Choice Savings Program

Summary of Publication

A state-sponsored retirement savings plan could help millions of private-sector workers who are not covered by an employer plan build financial security. Several features will help a plan become more effective and produce more secure retirements. This report discusses the costs of such a program to employers using Illinois’s Secure Choice Savings Program as a case study. Although each state program may be slightly different, the Illinois program is typical of a simple, IRA-based program.