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 three 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.
Implementation is underway, and the Program is estimated to be open for enrollment in 2017.
Check this webpage for updates on the implementation of Secure Choice.
For questions regarding Secure Choice please e-mail securechoice@illinoistreasurer.gov or call the Treasurer’s Office at (312) 814-1677.
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