This is the final - and most important - step in your employee’s ability to save for retirement. In this step, you will send your employees’ payroll deductions to Illinois Secure Choice so that the amount can be applied to their retirement savings account and invested according to their instructions.
When should this step be completed?
- First time: You should plan to send payroll contributions for any participating employees on the first pay date that occurs 30 days after you uploaded your employee information.
- Ongoing: You will continue to send employee contributions each pay period until the employee leaves your company or opts out of participation. As employees make changes that impact their contribution amount, notifications will be sent to you by email and posted in the Employer Portal prior to each pay period.
Important: Employee contributions must be remitted on or before the last day of the month following the month in which the compensation otherwise would have been payable to the employee in cash.
Information you will need to complete this step:
Before you can submit contributions, you’ll need to establish the payroll deduction within your bookkeeping or payroll software/file.
You will also need:
- The contribution amounts each employee selected. Found on the Employee Dashboard page.
- Bank information to execute an electronic bank transfer of funds. (Note: you can also send paper checks.)
Many employers find it easier to use the file upload process than manual entry. Use this template to upload your employee contribution amounts.Download Template
What comes next?
You will continue to send employee contributions each pay period until the employee leaves your company or opts out of participation.
Frequently asked questions
Can employers match employee contributions?
Is there a mandatory employer contribution?
Is there a waiting period?
Is there a vesting period?
No, contributions belong 100% to the contributing program participant from day one.
How often do I need to send the contributions in?
How will I know when to submit the first payroll contributions?
Can an employee’s payroll deduction be set for less than 5% or in other increments of a percent?
The portal does not allow employers to change employee contribution rates on their behalf.