from Illinois State Treasurer Michael W. Frerichs
Are you interested in offering a retirement savings option to your employees, but the administrative hurdles or costs have made that difficult? Illinois is starting a new program called IL Secure Choice, which will make it easy for employers to help their employees save and take responsibility for their own financial future. IL Secure Choice allows workers to automatically save a portion of their paycheck into a professionally managed retirement account. Employers facilitate enrollment for their employees into the Program, but do not make any contributions and don’t have the usual administrative and financial obligations that come with most retirement plans. An employer’s role is largely limited to passing along information and making payroll deductions for participating employees. IL Secure Choice will be offering a pilot program, beginning this May, for employers who want early access. Participating in the Pilot gives you the opportunity to get hands on assistance with the registration and enrollment, and enables you to provide feedback and suggestions for how to make the Program work better. If you’re interested in learning more about the pilot, please fill out this short questionnaire so we can follow-up with more information. You can also contact Courtney Eccles, Director of Secure Choice, at ceccles@illinoistreasurer.gov or 312-814-8955.
