Important Info for Those with 5 or More Employees – Illinois Secure Choice
State law now requires every Illinois employer with five or more employees to offer their own retirement program or facilitate the Illinois Secure Choice program.
- The deadline for those with 16 or more employees has already passed. Make sure you have registered or requested your exemption at https://www.ilsecurechoice.com/.
- The deadline for those with 5 to 15 employees is November 1, 2023. You can register / request your exemption now to make sure you don't forget and become subject to enforcement and financial penalties.
Employers who have fewer than 5 employees, have been in business for less than two years, or who already offer an employer-sponsored retirement program are exempt from facilitating this program. Please remember to request your exemption through the Illinois Secure Choice website.
There are a few different options for businesses in complying with law, including self-administration, using a designee (like a payroll services provider), or finding a retirement services provider. If you self-administer the program, there are no direct fees - just your time. Using your designee or providing a employer-sponsored retirement program has fees, but can save you time in the long run. It's a choice that each business owner will have to evaluate.
If you have any questions about the Illinois Secure Choice Savings Program Act, please contact Dan Mulka at [email protected] or 630-257-5997. Please also stay tuned to the HCBA blog as we will be publishing more content in the upcoming weeks.
Photo Credit: https://www.facebook.com/ILSecureChoice