The State of Illinois is rolling out a new retirement savings program called Illinois Secure Choice. This program is for employers that do not already offer a savings plan and it is intended to help employees save their own money for retirement through payroll deductions.
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.
NOTE: All employers with 25 or more employees can voluntarily register at any time to participate in the program prior to the mandatory registration wave.
For the initial rollout please see the above question. The basic registration requirements of the program for Illinois employers with workers in Illinois are:
Contact Illinois Secure Choice one of three ways: by visiting their website here: https://employer.ilsecurechoice.com/, sending them an email at clientservices@ilsecurechoice.com or by phone at 855-650-6913.
Contact your Account Manager and inquire about setting up a state sponsored retirement savings program. Paylocity will partner with the vendor to setup this integration allowing the required data exchange in support of administering the plan.
Thank you for choosing Paylocity as your Payroll Tax partner. Should you have any questions please contact your Paylocity Account Manager.
This information is provided as a courtesy, may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.