How do I opt out of Illinois secure choice?
You can opt out online at saver.ilsecurechoice.com; by calling (855) 650-6913 Monday through Friday, 8 a.m. – 8 p.m. CST; or by mailing an Opt-out Form to the program.
What is the Illinois Secure Choice savings Program Act?
The Illinois Secure Choice Savings Program offers Illinois businesses the option to either offer a private market savings vehicle, or automatically enroll their employees into the Secure Choice Plan.
Can I withdraw my money from Illinois secure choice?
You can withdraw money from your Illinois Secure Choice account by requesting a distribution. While the program is meant to help you save for retirement, we understand that life's unexpected moments sometimes come with a price.
Is Illinois secure choice a 401k?
401(k) plans allow you the flexibility of offering employer contributions; however, Illinois Secure Choice does not.
Is Illinois secure choice an IRA?
What is Secure Choice? Secure Choice is a Roth individual retirement account (IRA) intended to help the 1.2 million workers in the Prairie State who lack access to employer-sponsored retirement plans.
Is CalSavers required?
State law requires employers to either offer their own retirement plan or register to facilitate CalSavers. If you have at least five California-based employees, at least one of whom is age eighteen, and don't sponsor a qualified retirement plan, your business is required to register for CalSavers.
Is Illinois Secure Choice mandatory for employers?
Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan.