Should State of Illinois Mandate Government Run Retirement Savings?

SB 2758 - SECURE CHOICE SAVINGS PROGRAM State Senator Daniel Bliss (Evanston) and State Representative Barbara Flynn Currie (Chicago) have introduced SB 2758 and passed it in the Senate. This week it is up for vote in the House. This bill mandates that any employer with 25 or more employees have an employee retirement savings plan OR the State of Illinois will mandate a state run retirement plan for these employers/employees. While I believe that everyone should be saving money for their retirement, and that it would be nice for employers to offer a program to help maintain and attract good employees, the fact that government should mandate and run a State plan, considering our current financial troubles is highly questionable. This legislation could impose significant costs, risks and liabilities on taxpayers and the state, as well as threaten a competitive private retirement marketplace.  This is what you do for a living. Please contact your state representative with your opinion today.  Consider whether you want the State of Illinois doing it for you.  For contact information http://capwiz.com/naifa/home/.

© 2014 MVP Financial Services, Inc.. This publication is for agent/broker use only.

Overlooked and Primed

Many people think that a disability couldn't happen to them. 90% of disabilities are caused by illness, not accidents, and people have a three in 10 chance of suffering a disability that keeps them out of work for three months or longer during their career. So what happens when the paychecks stop? 50% of Americans

can't meet expenses just after one month without a paycheck.

Disability income insurance is overlooked by many and the month of May is your prime opportunity to start talking about it with your current and prospective clients. Every May Life Happens coordinates Disability Insurance Awareness Month (DIAM). Everyone who works should consider #disabilityinsurance and your current client base is the perfect place to start because they have already purchased from you, so it's likely that they will again. You may even be surprised which clients make good candidates. Watch this Brainshark to help you with the identification process.

Go to www.DIAwareness.com for resources you can use with clients and help them calculate the need with this DI Calculator. 

* Statistic Sources: The Real Risk of Disability in the United States, Milliman Inc., on behalf of the LIFE Foundation, May 2007
               The Council for Disability Awareness, Long-Term Disability Claims Review, 2010
               LIFE Disability Survey, conducted by Kelton Research, April 2012