About Illinois Secure Choice
The Illinois State Treasurer’s office administers the Illinois Secure Chice Savings Program Act (Secure Choice) on behalf of the Secure Choice Board. Secure Choice is run by a soeven-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.
Program Overview
The Secure Choice Savings Program Act [820 ILCS 80] establishes a retirement savings program to be administered by the Secure Choice Board for the purpose of providing retirement savings options to 1.2 million private-sector employees in Illinois. The Secure Choice Savings Program officially launched in 2018, with a phased implementation through the end of 2019 based on employer size as outlined below:
As of February 2020, IL Secure Choice has over 57,000 participants who together have saved more than $16 million for retirement. Over 5,300 employers are registered for the program (over 2,200 employers have begun remitting contributions for their employees and the rest are completing the enrollment process and should begin the process in the coming months).
For more information, visit our program website at www.ILSecureChoice.com. You can also find the contact info below:
- Employer Assistance: (855) 650-6913
- Employee Assistance: (855) 650-6914
- Email: clientservices@ilsecurechoice.com
Secure Choice - Fox and Hounds Salon & Spa
Secure Choice - The Dearborn Restaurant
Program Performance Dashboards
Monthly & Quarterly Dashboards are available to you at the Performance Dashboards Page and they help provide you with a better understading of the Illioinois Secure Choice Program's performance in the areas of asset and account growth, savers' contributions and withdrawals, and employer engagement and participation.
*A snapshot of 2020 Q1 Program Performance (Data as of March 31, 2020). You can access the monthly and quarterly dashboards via the link above.
Illinois Secure Choice Savings Board
The Illinois Secure Choice Savings Board ("Board") is responsible for the governance, organizational and financial oversight of the Illinois Secure Choice Program. The Board Meeting (at least four times per calendar year) has been held on a quarterly basis. If you are interested in learning more about the Board and its policies, rules, and previous meeting materials, you can access them at the Board Page at any time.
