To the Editor:
Next week, the Senate will vote to overturn a Department of Labor rule that makes it easier for states to establish retirement savings plans, like the Secure Choice Retirement Savings Program being implemented here in Illinois. Striking down this rule would have a chilling effect on Illinois’ Secure Choice Program, and it would be especially harmful to small businesses and their employees.
Many small businesses want to offer retirement savings programs to help attract and retain talented employees, but aren’t able to because of issues like size and cost. The Secure Choice Program will provide an easy and affordable option for small businesses, which is why they strongly support it. In fact, polling from Small Business Majority found two-thirds of Illinois small businesses believe the state should do more to help them prepare for retirement.
This is why states should be able to decide whether to implement these types of programs and how best to administer them to serve small businesses and employees struggling to save for retirement. We urge the Senate to consider how these programs can help small businesses and uphold the Labor Department’s rule.
Small Business Majority