As of November 1, 2023, Illinois employers with five or more employees are required to participate in the Illinois Secure Choice Program. The Program, launched in 2018, is designed to address the retirement security crisis, offering an Illinois sponsored retirement savings account managed by the Treasurer.
- As of November 1, 2023, unless exempt, employers with five or more employees are required to facilitate the Program and employers that fail to comply face penalties of $250 per employee for the first year and $500 per employee for each subsequent year.
- Employers who have fewer than 5 employees, have been in business for less than two years, or who already offer an employer-sponsored retirement plan are exempt from facilitating the Program.
- Employers must enroll and participate so employees can opt to contribute to a range of investment options through automatic payroll deductions.
- The Program is easy for employers to implement and manage.
How to Get Started:
To participate in the Illinois Secure Choice Program employers need to:
- Visit the Illinois Secure Choice Program website and register your business.
- Provide the necessary employee information.
- Set up automatic payroll deductions for participating employees.
- Remit employee contributions to the program on a regular basis.
If you have any questions or concerns, please contact us at Info@NapervilleLaw.com
