Employers in Illinois who meet all of the following criteria will be required to facilitate Illinois Secure Choice:
You’ll be notified by the Program when it's time for your business to register. You’ll need the following information before you begin:
We’re glad you’re already taking steps to help your employees save for retirement. Illinois Secure Choice does not apply to employers who already offer an employer-sponsored retirement plan, so you have no action to take at this time.
An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections:
It does not include payroll deduction IRAs.
You are required to facilitate Illinois Secure Choice if you reported 25 or more employees during all four quarters of the previous calendar year to the Illinois Department of Employer Security (IDES) for unemployment insurance reporting (on the UI 3/40). Any employer who reported fewer than 25 employees for one or more quarters will be considered exempt from the program.
Employers run payroll at different frequencies and with different methods while quarterly unemployment reports allow for consistent reporting across all employers.
Once your Illinois Secure Choice employer account is set up and ready to go, you’ll be responsible for ongoing maintenance: submitting employees’ contributions and updating your employee list.