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Illinois Secure Choice, now called My Illinois Savings, is Illinois’ state-facilitated retirement savings program for workers who do not have access to a qualified retirement plan through their employer. Certain Illinois employers must either offer a qualifying retirement plan or facilitate employee participation in the program.
Illinois Secure Choice, now called My Illinois Savings, is a state-facilitated retirement savings program designed to give Illinois workers access to retirement savings through payroll deductions when their employer doesn't offer a qualified retirement plan.
Under Illinois law, certain employers must either offer a qualifying workplace retirement plan or facilitate My Illinois Savings. The requirement generally applies to businesses that had at least five Illinois employees in every quarter of the previous calendar year, have been in business for at least two years, and don't offer or contribute to a qualified retirement plan.
Employees who participate save through automatic payroll deductions into an individual retirement account. Eligible employees are automatically enrolled but can choose to opt out, change their contribution rate, or select different investment options. Because the account belongs to the employee, it can stay with them if they change jobs.
The employer's role is primarily administrative. Participating employers register for the program, provide and maintain employee information, process payroll deductions, and send employee contributions to the program. Employers don't make contributions to employee accounts and aren't responsible for managing the investments.
Illinois Secure Choice is the former name of My Illinois Savings, Illinois' state-facilitated retirement savings program. It provides workers without access to a qualifying workplace retirement plan with a way to save through payroll deductions.
Illinois businesses generally must facilitate the program if they had at least five Illinois employees in every quarter of the previous calendar year, have been in business for at least two years, and don't offer or contribute to a qualified retirement plan.
No. Employees fund their own retirement accounts through payroll deductions. The employer facilitates the program but doesn't make employer contributions to participant accounts.
No. Eligible employees are automatically enrolled, but they can opt out. Employees who stay enrolled can also change their contribution rate and investment selections through the program.
An employer that offers or contributes to a qualifying retirement plan generally doesn't have to facilitate My Illinois Savings. The employer may need to certify that exemption with the program.