SPRINGFIELD — Illinois workers are on track to receive more options and better security when it comes to saving for retirement thanks to a new measure sponsored by State Senator Robert Peters, which advanced out of the Senate State Government Committee Wednesday. 

“We know retirement savings can be a challenge for Illinoisans, especially those without access to a 401(k) or similar employer plan,” said Peters (D-Chicago). “This bill gives workers more flexibility to choose the best retirement savings options for their situation.”

In 2015, the state created the Illinois Secure Choice Savings Program to address the growing gap in retirement savings for Illinois workers. Nearly 40% of private sector workers in Illinois do not have access to an employer-sponsored retirement plan, leaving many with no way to save for the future. Since its inception, the program has helped over 150,000 participants save more than $200 million for retirement, with more than 25,000 employers offering the program to their workers.  

Peters’ measure is designed to expand these efforts, giving workers more options for retirement savings. By allowing workers to hold both a traditional IRA and a Roth IRA, the bill offers more flexibility and personalized savings strategies. The initiative would also make the program more portable, meaning workers can continue contributing to their retirement savings even if they change jobs, without losing track of their funds.

“We’re not just creating savings accounts, we’re creating a system that supports our workers throughout their careers,” said Peters. “This measure ensures workers can manage their savings no matter where they work, while also holding employers accountable for properly enrolling their employees and submitting contributions. It’s a win for our state’s workforce and their financial futures.”

Senate Bill 1441 awaits further consideration from the full Senate.