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Illinois Gets the Nation’s First Automatic Retirement Program

Private employers have shifted quickly from opt-in to opt-out retirement programs, but Illinois is the first state to set up such a system for residents. I’m embarrassed to say I totally missed this, and had to find out via the New York Times’s Josh Barro, because it’s right in...
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Illinois Introduces Automatic Retirement Savings Program, a First for the Nation

Illinois is taking a novel approach to getting its residents to save for retirement. Starting in 2017, most state residents with jobs who don’t already have a retirement plan at work will be automatically enrolled in individual retirement accounts, funded through a 3 percent...
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Why Illinois May Become a National Model for Retirement Saving

In what may emerge as a standard for all states, Illinois is introducing a tax-advantaged retirement savings plan for most residents who do not have such a plan at work. The program echoes one that President Obama has endorsed at the federal level, and it boosts momentum that has...
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Treasurer Mike Frerichs (Video)

There’s a movement afoot to consolidate the treasurer and comptroller’s offices. The Illinois treasurer is the chief investment officer. The treasurer pays the state’s bills. A merger would save the state $12 million a year. But the powerful speaker of the...
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