Currently, “more than 40 percent of workers in Illinois have no way to save for retirement through their work,” said Michael, Frerichs, Illinois State Treasurer.
To try to change that reality, Illinois implemented a state-provided retirement program designed to remove obstacles to saving for retirement.
To increase access to retirement savings, the state now requires small businesses to offer their own retirement savings plan or provide the Retirement Savings Program called in English’Illinois Secure Choice‘.
This state program’s mission is to make it easier for employees to start saving through Individual Retirement Accounts (IRAs), whose funds come from salary deductions.
Participating employees can change their contribution level or options at any time. Accounts are owned by individual participants. Investments are held in a separate trust outside of the Illinois Treasury.
Businesses that meet the requirements can register or report an exemption at www.ilsecurechoice.com in before your deadline.