SPRINGFIELD — Saving for retirement could soon become easier and more flexible for thousands of Illinois workers, thanks to a new plan from State Senator Robert Peters that expands access to portable, customizable savings options. 

“Too many Illinoisans are stuck without good retirement savings options, and that’s a problem we need to fix,” said Peters (D-Chicago). “This bill would give workers more control over their financial futures, whether they stay in one job or move between employers.”

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, as it would give workers more options for retirement savings. By allowing workers to hold both a traditional IRA and a Roth IRA, the bill would offer more flexibility and personalized savings strategies. The initiative would also make the program more portable, meaning workers could continue contributing to their retirement savings even if they change jobs, without losing track of their funds.

“Retirement security shouldn’t depend on whether your employer offers a plan,” said Peters. “By making these changes, we would be giving workers the power to save in a way that works for them while ensuring employers do their part in supporting their employees’ futures.”

Senate Bill 1441 passed the Senate Thursday and awaits further consideration.