Establishes the Illinois Secure Choice Savings Program, an automatic IRA enrollment program for private-sector employees.
The Illinois Secure Choice Savings Program Act establishes a retirement savings program for private-sector employees, known as the Illinois Secure Choice Savings Program. Employers are required to enroll eligible employees, who can opt out or choose a different contribution level. The program features automatic payroll deductions into IRAs, with investment options set by the Illinois Secure Choice Savings Board. Employers face penalties for non-compliance, and the program aims to maximize participation and simplicity.
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