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ARTICLE · 27 DECEMBER 2022

Don't Forget About The Illinois Secure Choice Savings Program Act

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The Illinois Secure Choice Savings Program Act requires certain employers within Illinois to either participate in the state-run retirement plan or to offer employees a different qualified employer-sponsored retirement plan.

United StatesTax
Joshua Goldschmidt
Joshua Goldschmidt
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The Illinois Secure Choice Savings Program Act requires certain employers within Illinois to either participate in the state-run retirement plan or to offer employees a different qualified employer-sponsored retirement plan. The amended law now requires many small businesses with as few as 5 employees to comply by November 2023. The purpose of the program is to get broader access to retirement savings for many employees in Illinois.

DETERMINING REQUIREMENTS

Employers with fewer than 5 employees and who have been in business less than two years, or who already have an employer-sponsored retirement plan, are not required to register for the program. All other employers in Illinois are required to register or facilitate an employer-sponsored plan by the following deadlines:

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