The Illinois Secure Choice Program was created to ensure that more Illinois workers can save for retirement through automatic payroll contributions facilitated from their workplace.
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State law requires that every employer that had at least five employees in every quarter of the previous year and that has been in business for at least two years must offer their own qualified retirement plan or facilitate Illinois Secure Choice. Employers covered by the state law will be contacted by the program. Covered employers who do not meet their required deadlines may be subject to enforcement, including financial penalties.
Employer registration must be completed by specific deadlines. Complete your registration today.
If your business is exempt from participating, please let us know and you will no longer receive program communications.
Your company's access code can be found in emails and letters sent to your business by Illinois Secure Choice. If you cannot locate your code, request one here.
Upload your employee information manually (if you only have a few employees) or use our Employee Information Template (if you have many employees).
We offer a number of resources to help you complete this step.
Information to submit payroll contributions can be entered either manually in the employer portal by using an online form or in bulk using the Employee Contribution Information Template.
We offer a number of resources to help you complete this step.
Log in to add or update your bank information if you fund contributions through ACH debit or have a specific account debited. We offer a number of resources to help you complete this step.
Your Illinois Secure Choice access code can be found in the Welcome notification sent to your business by Illinois Secure Choice.
Request your code if you can’t locate it or did not receive one.
I have an access code I need an access codeIllinois Secure Choice is a simple and convenient retirement savings program for employers who do not already offer a plan. Research shows that employees are more productive when they have less finance-related stress. 1 They are also 15 times more likely to save for retirement if an option is available at work. 2
We know your primary responsibility is to keep your business running smoothly, so Illinois Secure Choice simplifies your role and limits your responsibilities. It can also help you attract and retain talent. Watch our overview webinar to get a full introduction to the program.
Employers serve a limited role: facilitate the program by adding and maintaining your employee roster and submitting contributions via simple payroll deduction.
There are no employer fees and employers do not make contributions to employee accounts.
You have access to a support team, education sessions, tips, and templates so that you can focus on running your business.
By law, eligible employers must register and facilitate program activities by specific deadlines. Setting up your account is quick and easy. After completing these steps for the first time, you'll maintain your account by adding and removing employees and submitting payroll deductions each pay period.
Not all employers are eligible. Only private-sector employers who do not offer a qualified retirement plan, had at least five employees in every quarter of the previous calendar year, and have been in business for at least two years must facilitate Illinois Secure Choice.
Registering takes just few minutes. You will need your company’s Federal Employer Identification Number or Tax Identification Number (EIN/TIN) and your Illinois Secure Choice Access Code.
Your company's access code can be found in emails and letters sent to your business by Illinois Secure Choice. If you cannot locate it, request one here.
When you register, you’ll submit information for each eligible employee. This will begin the process of having a Roth IRA set up in each employee’s name. Employees will then have 30 days to decide to participate or opt out. If they do not make a selection, they will be automatically enrolled in the program.
After you add employee information, you’ll begin facilitating payroll deductions each payroll period through bank transfer. These payroll deductions will be added to the employee’s Roth IRA account and invested according to their selections.
Employers are not responsible for answering questions about the program, managing investment options, processing distributions, or giving investment/tax advice. Your employees will maintain their account directly through the Illinois Secure Choice program.
State law now requires that every employer that had at least five employees in every quarter of the previous year and that has been in business for at least two years must offer their own qualified retirement plan or facilitate Illinois Secure Choice. Employers covered by the state law will be contacted by the program. Covered employers who do not meet their required deadlines may be subject to fines and penalties as described in 820 ILCS 80/85.
ILLINOIS SECURE CHOICE SAVINGS PROGRAM ACT
Illinois Secure Choice was established by the Illinois State Legislature to address the growing retirement savings gap that will occur for many residents in the future. You can read the legislation here.
Illinois Secure Choice is a state-facilitated retirement program that makes it easy to save for retirement. Since it was launched in 2018, the program has brought retirement savings access to workers in every county across Illinois.
Get started with facilitating Illinois Secure Choice.
The program began in May 2018 with a small pilot group of employers. The program has gone through its initial waves for larger employers and then rolled out to additional employers. Employers who do not comply with the Illinois Secure Choice Savings Program Act may be subject to fines and penalties as described in 820 ILCS 80/85. The registration deadlines for employers based on employer size is outlined below:
For more information on definitions of employer, employee, and employment, and number of employees, please see the administrative rules associated with the program.
Yes. Any business that does not offer a qualified retirement plan, employed five or more Illinois employees in the previous year, and has been in business for at least two years is required to facilitate the Illinois Secure Choice program for its employees. Employers who do not comply with the Illinois Secure Choice Savings Program Act may be subject to fines and penalties as described in 820 ILCS 80/85.
The employer registration timeline is available on this website. The account administrator will notify employers of the date(s) they may begin registration and start enrolling their employees and when that process must be completed. The account administrator will also provide employers with access to an online portal to register for the Program and facilitate enrollment of their employees.
1 Lockton Retirement Services, Finding the Links between Retirement, Stress, and Health, 2016
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Copyright © 2024 | Terms of Use | Privacy | Security | LoginThe Illinois Secure Choice Savings Program (“IL Secure Choice” or the “Program”) is an automatic enrollment payroll deduction retirement savings program overseen by the Illinois Secure Choice Savings Board (“Board”). Ascensus College Savings Recordkeeping Services, LLC (“ACSR”) is the program administrator. ACSR and its affiliates are responsible for day-to-day program operations. Participants saving through IL Secure Choice beneficially own and have control over their IRAs, as provided in the Program Description available at saver.ilsecurechoice.com. IL Secure Choice is not sponsored by the employer, and therefore the employer is not responsible for the Program or liable as a Program sponsor. Employers are not permitted to endorse the Program or encourage or advise employees on whether to participate, how much (if any) to contribute, or provide investment help.
IL Secure Choice offers investment options selected by the Board. For more information on IL Secure Choice’s investment options go to saver.ilsecurechoice.com. Account balances in IL Secure Choice will vary with market conditions. Investments in IL Secure Choice are not guaranteed or insured by the Board, the State of Illinois, the Federal Deposit Insurance Corporation or any other organization.
IL Secure Choice is a completely voluntary retirement program. Participants may opt out at any time or reduce or increase the amount of payroll contributions. If a participant opts out, they can later opt back into IL Secure Choice.
Saving through an IRA will not be appropriate for all individuals. Employer facilitation of IL Secure Choice should not be considered an endorsement or recommendation by a participating employer of IL Secure Choice, IRAs, or the investment options offered through IL Secure Choice. IRAs are not exclusive to IL Secure Choice and can be obtained outside of the Program and contributed to outside of payroll deduction. Contributing to an IL Secure Choice IRA through payroll deduction offers some tax benefits and consequences. However, not everyone is eligible to contribute to a Roth IRA and a participant should consult their tax or financial advisor if they have questions related to taxes or investments. Employers do not provide financial advice and employees should not contact an employer for financial advice. Employers should refer all questions about the Program to IL Secure Choice.
The IL Secure Choice mark and IL Secure Choice logo are registered trademarks of the Board and may not be used without permission.
