What is the Illinois Secure Choice Savings Program Act?
The Illinois Secure Choice Savings Program is a program offered by the Illinois State Treasurer’s Office to meet the requirements of the Illinois Secure Choice Savings Program Act (820 ILCS 80/). The Illinois Secure Choice Savings Program Act will require employers to supply a savings program to their employees for applicable businesses. To be subject to the Act previously, an employer must have at least 25 or more employees, have been in business over two years, and not offer a qualified savings plan. As of November 1, 2022, those subject to the Act will be expanded to Illinois businesses with between 16 and 24 employees. Enforcement for non-compliance to the Act will take place and applicable businesses will be automatically enrolled into the program after the deadline has passed.
Important details to consider for the Illinois Secure Choice Savings Program Act:
• You still have a say in the retirement services you provide to your employees by choosing a private market savings solution through CNB Bank & Trust, N.A.
• Illinois will require all applicable businesses to either enroll in a private market savings plan or be automatically enrolled in the Secure Choice Plan.
• Enforcement for non-compliant employers with 25 or more employees is already in effect.
• Employers who do not comply with the Illinois Secure Choice Savings Program Act will be subject to fines and penalties as described in 820 ILCS 80/85.
Why choose CNB Bank & Trust, N.A. for your Business Retirement Plan?
CNB Bank & Trust, N.A. values the opportunity to provide retirement plan services that fit your company and your employees. Our goal is to provide retirement readiness to your employees and allow you to focus on growing your business. Our customer service, professionalism and flexibility, combined with our competitively priced services, make for a winning combination that is further enhanced by our community setting. Being in your community means we can visit your office and meet with your staff as frequently as necessary, building relationships and developing retirement security.
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Sourced information regarding the Illinois Secure Choice Savings Program Act was obtained from www.illinois.gov and www.ilsecurechoice.com
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