Establishes the Illinois Secure Choice Savings Program, an automatic enrollment payroll deduction IRA for private-sector employees.
The Illinois Secure Choice Savings Program Act establishes a retirement savings program in the form of an automatic enrollment payroll deduction IRA, known as the Illinois Secure Choice Savings Program. The program is administered by the Board and aims to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The accounts established under the Program shall be IRAs, into which enrollees contribute funds that are invested in favor of the State of Illinois.
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