PEORIA, Ill. (WMBD) — The State of Illinois is working to combat the retirement savings crisis through a new plan called Secure Choice.
According to the state’s press release, 300 workers with 280 employers have saved $2 million in the Peoria area. One of those employers is Leaves n Beans in Peoria Heights.
Illinois State Treasurer Michael Frerichs visited Leaves n Beans to celebrate 100,000 savers within the new plan.
The owner, James Cross, said right now five out of the 25 employees are on the plan. Cross said he loves being able to offer his employees secure savings accounts for their retirement.
He said as a small business owner, not paying for this benefit helps him out with costs of operation.
“I don’t have to have a whole team working on the finance side. On top of that, if an employee leaves to another job it’s through the state of Illinois, not through Leaves n Beans, so that employee’s saving account is still tied with them,” said Cross.
Cross said they are opening another location and more employees will be needed. He said offering Secure Choice will hopefully attract more employees.