The Illinois State Treasurer’s
office administers the Illinois Secure Choice Savings Program Act (Secure
Choice) on behalf of the Secure Choice Board. Secure Choice is run by a
seven-person Board, with Treasurer Frerichs serving as Chair.
Secure Choice offers Illinois
businesses with at least 25 employees, that have been in business for two or
more years, and who do not currently provide a qualified savings plan the
option to either offer a private market savings vehicle, or automatically
enroll their employees into Secure Choice.
Secure Choice participants will be
enrolled in a default target date Roth IRA with a default five percent payroll
deduction, but could choose to change their contribution level or fund option
at any time, or choose to opt-out of the program altogether. Accounts are owned
by individual participants and will be portable from job-to-job.
An
estimated 1.2 million workers will gain access to employer-based retirement
savings plans through Secure Choice. Individual accounts will be pooled and
managed by a private investment company selected through a competitive bidding
process.
Program
implementation is underway. For more information, see the Secure Choice Fact Sheet. View materials from the
Secure Choice Board Meetings here.
Implementation Update: At its August 2016 meeting, the Board set a
new implementation schedule for Secure Choice. Program enrollment will be
phased-in over time, beginning with a phase one pilot program in 2018.
Participating businesses will be made aware of the program rollout in advance, but many
may not actually begin enrollment until later phases in 2018 or 2019.
Please
see the recently developed Employer Fact Sheet and Employer FAQ for additional information about the
Secure Choice.
Check
this webpage for updates on the implementation of Secure Choice:
Please contact the Illinois State Treasurer’s office for
more information about Secure Choice, or call the Treasurer's Office at (312)
814-8955.
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