News Story

Illinois Secure Choice: Expanding Retirement Savings Access for Illinois Workers

Per State law, employers with 5 or more Illinois employees that have been in business for at least 2 years and that don’t offer a tax-qualified retirement plan are required to register for and facilitate Illinois Secure Choice. 

Through Illinois Secure Choice, Illinois workers can save for retirement through Individual Retirement Accounts (IRAs) funded by payroll deductions. The program is facilitated by the State of Illinois and administered by a professional financial services firm. Employers do not pay any fees, make contributions, or have any fiduciary liability – they simply facilitate employee payroll deductions and keep their employee rosters current. 

Business owners can learn more about the program and access support resources at Businesses with 16 or more Illinois employees must register for or report an exemption from the program by November 1, 2022. The registration/exemption deadline for businesses with 5-15 employees is November 1, 2023, though employers are welcome to join ahead of their applicable deadlines.