Small-Business Owners Agree: Secure Choice Is Right for Illinois

BREAKING UPDATE 12/2/14: The Illinois House of Representatives passed the Illinois Secure Choice Savings Program.   I want to bring your attention to something happening right now in Illinois that could give small businesses a competitive edge and help millions of Illinois workers have a secure financial future — but time is running out. Only three days remain for the state House of Representatives to pass the Illinois Secure Choice Savings Program and give over 2 million Illinoisans a pathway to …

Creating Effective State-Sponsored Retirement Plans

By Gary Koenig, Vice President, Financial Security, and David John, Senior Policy Adviser, Financial Security State-sponsored retirement savings plans can help private-sector workers not covered by employer plans build financial security. How many workers? More than you might think. In 2013, about 55 million private-sector employees did not have access to a retirement plan at work, including more than 7 million in California, 2 million in Illinois, and about 1 million each in Indiana and Maryland. Research shows that middle …

IRS Boosts Limits for 401(k) Contributions

If you’ve been wanting to sock away more money in your workplace retirement savings plan, next year’s your chance. This morning the Internal Revenue Service announced that next year’s contribution limits will go up by $500, to $18,000 for 401(k)s, 403 (b) plans at nonprofits and most 457 plans offered by state and local governments, as well as the federal government’s Thrift Savings Plan. >> Boost Your 401(k) Retirement Savings Workers ages 50 and older are entitled to make extra contributions …

Top 8 Facts You Need to Know About the 2014 Social Security Trustees’ Report

On July 28, the Social Security Administration released The 2014 Annual Report of the Board of Trustees, which details the financial status of the Social Security program. The report makes clear that:   Social Security is vital to millions of Americans. At the end of 2013, Social Security provided benefits to about 58 million people: 41 million retired workers and their dependents, 6 million survivors of deceased workers, and 11 million disabled workers and their dependents.   Social Security’s Trust …

Lawmakers Urged to Act Soon to Shore Up Social Security

The financial outlook for Social Security remains largely unchanged from last year, with the combined trust funds that pay benefits to retirees and workers with disabilities expected to exhaust reserves in 2033, according to a government report released today. After that date, money coming into the system would be enough to cover 77 percent of benefit obligations, according to the Social Security trustees report. At a news conference on Monday afternoon, Treasury Secretary Jack J. Lew said Social Security and Medicare are …

Is Your 401(k) a Winner? Check This Ranking

ConocoPhillips Co. has the best 401(k) plan for workers, while Facebook Inc., Amazon.com Inc. and Whole Foods Market Inc. offer some of the worst, according to a Bloomberg News survey of the 250 largest public companies in the country. In fact, ConocoPhillips’ plan is so generous – contributing 9 percent of workers’ pay if workers kick in 1 percent – that after 35 years an employee can end up a multimillionaire, Bloomberg said. According to the Houston-based oil and gas producer’s own …