Faculty Publications

Title

Illinois Enacts Automatic IRAs; Is Federal Mandate Coming?

Document Type

Article

Publication Date

1-7-2015

Abstract

Automatic enrollment for Roth IRAs might soon be a reality in Illinois as Governor Pat Quinn signed legislation enacting the Illinois Secure Choice Savings Program (SCSP) into law on January 4, 2015. However, the program will not become effective until at least July 2017. With the success of automatic enrollment in 401(k)s and mentions of a federal auto-IRA program by President Obama, it is not a total surprise that a State was willing to implement such legislation in an attempt to improve the retirement security of Americans.