Secure Choice

Saving for Retirement

Employers should know the next Secure Choice deadline is July 31.

Secure Choice is the retirement savings program that travels with the worker and helps a person save their own money for their own retirement when their employer does not offer a retirement savings plan.

By July 31, employers with a workforce between 100 and 499 individuals must offer a retirement savings plan or participate in Secure Choice. The deadline for large employers was November, 2018. Employers with a workforce between 25 and 99 must choose by November, 2019.

Approximately 10,000 employees have saved more than $2 million through Secure Choice.

When fully implemented, Secure Choice will give 1.2 million private-sector workers the ability to save at work. This is critically important to address the national retirement savings crisis because AARP research shows that workers are 15-times more likely to save if payroll deductions are offered.

Employers also are protected. Employers cannot contribute to the accounts, do not make decisions about how the program is managed or how the money is invested, and have no fiduciary liability.

Questions? Visit www.ilsecurechoice.com or call (855) 650–6913.

Subscribe and Read the Treasurer’s Office’s eNewsletter: http://bit.ly/IllinoisTreasurer

View past issues of the newsletter here.