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ARTICLE · 20 FEBRUARY 2015

Illinois Enacts Small Business Retirement Program Act [Update]

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State interest in automatic IRA programs appears to be gaining traction and approximately 18 states (including, Connecticut, Indiana, Maryland and Oregon) have included the matter on their 2015 agendas for consideration.

United StatesEmployment and HR
Kenneth Yerkes
Kenneth Yerkes
John Koenig
John Koenig
David Ritter
David Ritter
William A. Nolan
William A. Nolan
Mark Kittaka
Mark Kittaka
Robert Sikkel
Robert Sikkel
Peter Morse, Jr.
Peter Morse, Jr.
Scott Witlin
Scott Witlin
Roy A. Ginsburg
Roy A. Ginsburg
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UPDATE: State interest in automatic IRA programs appears to be gaining traction and approximately 18 states (including, Connecticut, Indiana, Maryland and Oregon) have included the matter on their 2015 agendas for consideration. In the meantime, some employers seem to be leaning toward a federal policy, instead of varying state rules, to regulate an automatic retirement savings program. In Illinois, the program may not become effective if the U.S. Department of Labor determines that it is an employee benefit plan subject to ERISA or if it fails to qualify for favorable federal income tax treatment.

The Illinois Secure Choice Savings Program Act (the Act) (S.B. 2758), which takes effect on June 1, requires certain employers to automatically enroll their employees in individual retirement accounts. The program under the Act will be implemented and enrollment of employees will begin within two years after June 1.

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