WTF FOLKS...the state Senate Democrats want 3% of your weekly income deducted for retirement savings...to be managed by the State! New mandate on employers Legislation that would force employers to withhold a portion of a workers’ salary for a ILLINOIS GOVERNMENT RUN retirement savings program won committee approval over the objections of business groups. Senate Bill 2758 establishes a mandatory retirement savings program that would require all businesses with 10 or more employees to automatically deduct at least 3% from every employee’s paycheck, to be deposited in a state managed retirement account. Employees could opt out of the program, but employers could not. Opponents pointed out that employees and employers can already participate in private individual retirement accounts. Concerns were also raised as to what liability taxpayers could face if the state-managed accounts lose money. ilga.gov/legislation/billstatus.asp?DocNum=2758&GAID=12&GA=98&DocTypeID=SB&LegID=78572&SessionID=85
Posted on: Fri, 21 Mar 2014 20:42:41 +0000
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