Secure Choice Savings Program
Illinois will soon begin implementation of the Secure Choice Savings Program, a program created by Public Act 098-1150 which establishes a statewide payroll deduction Individual Retirement Account program open to private sector employees. Participation in the program is mandatory for businesses that have been operating for at least 2 years, have more than 25 employees and do not offer their own qualified retirement plans. Employees of these businesses will be automatically enrolled in the program unless they opt out. Other employers may voluntarily offer the program to their employees, either by itself or in addition to an existing retirement plan. Persons working for employers that do not offer the state program may enroll in the program individually, but may be required to contribute through methods other than payroll deduction.
Implementation will be divided into three waves and employers will be assigned to a wave based on their size:
The Illinois State Treasurer’s Office will administer the program and they have created a website which answers many questions employers may have, such as eligibility and registration, FAQ’s, news, etc. The website is www.ilsecurechoice.com, and is the best place to obtain information about the new program.
Implementation will be divided into three waves and employers will be assigned to a wave based on their size:
- November 2018, Wave 1: Employers with 500+ employees
- July 2019, Wave 2: Employers with 100-499 employees
- November 2019, Wave 3: Employers with 25-99 employees
The Illinois State Treasurer’s Office will administer the program and they have created a website which answers many questions employers may have, such as eligibility and registration, FAQ’s, news, etc. The website is www.ilsecurechoice.com, and is the best place to obtain information about the new program.