Illinois State Treasurer's Office, Springfield, hired Boston College to study the financial feasibility of the state's Secure Choice program, said an award announcement on the treasurer's website.
An RFP was issued in July for an organization to analyze the financial feasibility of the Secure Choice program, “including, but not limited to, determining when (the program) will be self-sustaining, as well as recommendations for how to optimize Secure Choice participation and performance,” the RFP said.
In December 2014, the Illinois Legislature passed a bill to establish the Illinois Secure Choice Savings Program, an auto-enrollment, payroll-deducted retirement savings account for certain private-sector employees whose employers do not offer retirement plans. A search for an investment and administrative consultant is ongoing. Applicable employees are expected to be enrolled starting June 1, 2017.
Greg Rivara, spokesman for the treasurer's office, could not immediately be reached for additional information.