Illinois Secure Choice Savings Program Act

Illinois Secure Choice

Attention Illinois Employers!

If your company meets all the following criteria, you’re REQUIRED to facilitate Illinois Secure Choice:

  • Have 25 or more employees
  • Have been in operation for at least two years
  • Do not offer an employer-sponsored retirement plan
 

Registration Deadlines

Know what you need to know …

JOIN US FOR THIS FREE WEBINAR on Illinois Secure Choice.

sponsored by The Unland Companies.

Your Host: Larry Grudzien, Benefits Attorney at Law, for one of the following dates:

Larry Grudzien

11:30 am – 12:30 pm

[Dates to be confirmed]

Register soon! Webinars limited to 25 participants.
Can’t attend? Click here to request a video recording link.

An overview of Illinois Secure Choice…

  • A retirement savings program for employers who do not already offer a plan.
  • Employer can help its employees save for their future.
  • Employer’s employees can save for retirement through payroll deductions into a Roth Individual Retirement Account (IRA).
    • Employers automatically required to withhold five (5) percent of employee’s compensation (up to annual maximum allowed for IRA contributions as provided by the IRS), unless the employee elects a different amount or opts out of program entirely and must remit those contributions to the Secure Choice program.
  • The employees always remain in control of their account and retain it if he or she changes jobs.

Employers who do not comply with the Illinois Secure Choice Savings Program Act could face a penalty of $250 per employee.

  • The penalty is for each calendar year or a portion of a calendar year when the employee was not enrolled or did not opt out of the program.
  • The program has noted that it would like to work with employers to avoid penalties for non-compliance, and that any penalties would likely not be enforced until the end of 2019 when Secure Choice is rolled out to all employers.

After the Webinar, here’s you’ll know:

  1. What is Illinois secure choice?
  2. Eligibility and registration
  3. Timeline of implementation
  4. Registration process
  5. What is an employee-sponsored retirement plan defined?
  6. Registration information
  7. Activities that the employer is not responsible for
  8. Required records
  9. Who is an employee?
  10. Enrolling employees
  11. Enrolling new employees
  12. Material available for employees
  13. Contributions
  14. Investments
  15. Distributions

Quick Facts for Employers

  • Registering your company or organization is easy
  • There are no fees for employers to facilitate the program
  • Employers cannot make contributions
  • Employers serve a limited role as a facilitator

Register now!

Tuesday, July 9th Tuesday, August 6th Tuesday, September 10th Thursday, September 26th

Exclusive Sponsor of…
Fourth Friday
Unland Home Office: 2211 Broadway, Pekin, IL 61554 | 309.347.2177or 800.747-3241|  Citizens Insurance: 127 S. Side Square  Macomb, Illinois 61455 | (309) 837-0609
Winter Insurance: 201 Clock Tower Drive, East Peoria, IL 61611 | (309) 699-3938 | An Affiliate of Your Hometown Community Banks
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