Illinois Secure Choice Pilot Program in Operation
The Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan, is now being tested by employers that volunteered to participate in a pilot program. Illinois State Treasurer Michael W. Frerichs (D) announced their participation April 18.WNIU reports
that Frerichs made his remarks in a panel discussion on retirement savings held at the University of Illinois I-Hotel in Champaign, Ill. More employers will become part of the pilot program in the fall of 2018.
The Illinois Secure Choice Savings Program Act
, the law establishing the program
, was enacted on Jan. 4, 2015. It called for the program to be implemented by June 1, 2017; however, a measure was later enacted
that delays enrollment of employees until 2018. That law specifies only that full implementation was to take place by Dec. 31, 2020; it leaves it to Illinois Secure Choice Savings Board to set a precise timeline.
The Board met on April 19; the meeting agenda
included discussion of a proposed launch schedule, auto-enrollment and a resolution to establish participant Roth IRAs.