National Policy Institute Convenes Experts in Chicago to Support Pioneering Illinois Leaders to Help Workers Save for Retirement

April 22, 2016

Contact: Jeremy Smith
Aspen Financial Security Program
[email protected]
202-736-2929

Aspen Institute Spotlights Ambitious Effort as Potential Model for Nation

As millions of Americans live longer, and save less, the US workforce is veering toward a severe retirement crisis. In Illinois alone, more than half of the private sector workforce lacks an employer-based retirement savings plan. Of approximately 2.5 million Illinoisans without a plan, 1.7 million work in the Chicago region.

Illinois was the first state in the nation to tackle this problem directly with the Secure Choice Retirement Savings Program, a groundbreaking new system for retirement savings that is projected to reach more than one million Illinoisans beginning in 2017. Based on cutting-edge research, it offers automatic workplace enrollment and payroll deductions that could dramatically increase workers’ savings. Other states are considering similar programs, so the lessons learned in Illinois could be magnified across the country.

With so much at stake for Illinois workers, and the nation as a whole, the Aspen Institute Financial Security Program will bring a diverse array of business, research, and nonprofit leaders before the Secure Choice Board. These experts will offer ideas, insights, data, and other resources on the design and implementation of a successful, first-in-the-nation rollout.

WHAT:

AVERTING THE RETIREMENT RECKONING IN ILLINOIS AND BEYOND
An Aspen Forum on the Illinois Secure Choice Retirement Savings Program

WHEN:

Monday, April 25, 2016
9:00 a.m. to 11:45 a.m.

WHERE:

Chase Tower, 10 S Dearborn Street, Chicago, IL

WHO:

The Honorable Michael W. Frerichs
Illinois State Treasurer

The Honorable Daniel Biss
9th Senate District, Illinois State Senate

Dr. Richard Thaler
Professor of Behavioral Science and Economics
University of Chicago Booth School of Business

Pete Isberg
Vice President of Government Affairs, ADP

David Madland
Senior Fellow and Senior Advisor
American Worker Project, Center for American Progress

Lucy Mullany
Financial Empowerment Policy Project Lead, Heartland Alliance

Martin Noven
Senior Director, Government Markets, TIAA

Ida Rademacher
Executive Director, Aspen Institute Financial Security Program

Jeremy Smith
Associate Director, Aspen Institute Financial Security Program

Secure Choice is run by the seven-member Illinois Secure Choice Retirement Savings Program Board and administered by the Illinois State Treasurer’s Office. The Board is chaired by State Treasurer Michael Frerichs. The other members are Illinois State Comptroller Leslie Munger; Kim Fowler, Designee for the Governor’s Office of Management and Budget; Miriam Martinez, Chief Investment Officer for the City of Chicago Treasurer’s Office; David Marzahl, President & CEO of the Center for Economic Progress; David Rappaport, Principal at Rappaport Reiches Capital Management; and John Rauschenberger, Partner at Rauschenberger Partners, LLC.

The Aspen Institute Financial Security Program connects the world’s best minds to find breakthrough solutions for America’s family financial security crisis. Aspen FSP explores new knowledge, data and ideas, connects leaders across sectors and disciplines, and inspires creative and unconventional thinking. It advances promising policy and market solutions, and forges consensus among experts and leaders who can make a difference.

EDITOR’S NOTE: Space is limited to members of the press who RSVP. To register, please email: [email protected] or call (202) 736-3592.

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