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

“Our residents deserve retirement savings options that offer them greater flexibility and control while still prioritizing their financial security,” said Peters (D-Chicago). “This law does just that – empowering people to tailor their financial planning, addressing financial vulnerability and promoting equity in retirement savings.”

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’ law expands these efforts, as it gives workers more options for retirement savings. By allowing workers to hold both a traditional IRA and a Roth IRA, the law offers more flexibility and personalized savings strategies. The law also makes the program more portable, meaning workers can continue contributing to their retirement savings even if they change jobs, without losing track of their funds.

“Financial security during retirement shouldn’t be based on if your employer offers a plan or allows a previous plan to transfer over,” said Peters. “We’re giving residents the support they need to take charge of their financial planning and ensuring employers do their part in closing the financial security gap.”

Senate Bill 1441 was signed into law Friday and takes effect immediately.