Illinois: My Illinois Savings, formerly Illinois Secure Choice
The Illinois State Treasurer identifies the state-facilitated program as My Illinois Savings, formerly Illinois Secure Choice. Covered businesses that meet the workforce and operating-history criteria must participate or offer a qualifying retirement plan. Review the current employer requirements rather than relying on an older program name.
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The program uses employee-owned IRAs and employer payroll facilitation. The Treasurer explains that employers do not contribute to employee accounts through this arrangement. If employer contributions or a different plan design matter to your business, compare a company-sponsored retirement plan.
Check coverage before comparing plan features
Confirm the business's employment history and the retirement arrangement it already offers. An employer should not infer an exemption from a general benefits package or an individual account held by an owner.
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If your business receives a state-program notice, use the official employer resources to determine the required response. Keep records of registration or qualifying-plan information with the business's benefit documents.
Compare employee payroll saving with employer plan design
A company-sponsored plan can involve employer funding decisions, plan documents and ongoing administration that differ from facilitating payroll deductions into a state-program IRA. Decide whether those features address a specific business objective before evaluating providers.
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For a Chicago business with an existing plan, review the actual service arrangement alongside employee access and communication. A program-name change is not itself a reason to redesign a qualifying plan.
- Identify any employer contribution objective.
- Describe who maintains the employee roster and plan records.
- Request the full service scope and cost disclosures.
Plan transitions as an administrative project
If you adopt an employer-sponsored plan, coordinate state-program status, payroll deductions and participant information. Ask the administrator to map the implementation steps so employees understand the change.
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Fiduciary advisers can discuss the questions raised by your current arrangement and objectives. Tax, legal and administration questions should be assigned to the appropriate qualified professionals.
Frequently asked questions
Is Illinois Secure Choice still the current program name?
The Illinois State Treasurer now calls the program My Illinois Savings and identifies it as formerly Illinois Secure Choice. Use the official current resources when responding to employer communications.
Does every Chicago employer have the same participation obligation?
No. The official requirements consider the business's workforce, operating history and whether it offers a qualifying retirement plan. Review those criteria before assuming the program applies or an exemption is available.
Can an employer contribute through My Illinois Savings?
The Treasurer explains that employers do not contribute to employee accounts through the state arrangement. An employer contribution objective calls for a comparison with an employer-sponsored plan.
Is the state arrangement a company-sponsored 401(k)?
No. My Illinois Savings uses individual retirement accounts with employer payroll facilitation. A company-sponsored 401(k) has different plan-design and operating responsibilities.
What needs coordination when adopting a qualifying plan?
Coordinate the state-program response, payroll configuration, employee elections, provider agreements and required plan information. Keep the implementation responsibilities clear and documented.