27 October 2016 Illinois Secure Choice Savings Program starts in 2017 Beginning in 2017, the Illinois Secure Choice Savings Program Act (SB 2758) requires Illinois businesses with at least 25 employees that have been in business for at least two years and choose not to offer a qualifying retirement savings program, to either offer a qualified retirement savings plan or automatically enroll their employees in Illinois' Secure Choice. Participant employees in Secure Choice will have 3% of their pay automatically withheld by their employer and deposited into a target date Roth IRA. These employees will have the option to change their deduction amount, choose another fund option, or opt-out of the program entirely. The accounts are owned by each individual worker and are portable from job to job. The law took effect on June 1, 2015 and required the program be implemented within 24 months (by June 1, 2017). According to the Secure Choice website, implementation is underway and the program is estimated to be open for enrolment in 2017. See the Illinois Secure Choice website for more information.
Document ID: 2016-1823 | ||||||||||||||||||||
