Establishes the Illinois Secure Choice Savings Program, an automatic enrollment retirement savings program for private-sector employees.
The Illinois Secure Choice Savings Program Act establishes a retirement savings program for private-sector employees, administered by the Illinois Secure Choice Savings Board. The program, known as the Illinois Secure Choice Savings Program, aims to promote greater retirement savings through automatic enrollment and payroll deduction into Individual Retirement Accounts (IRAs). Employers are required to enroll eligible employees, and employees can opt out or choose a different contribution level.
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