SPRINGFIELD, Ill. (IOCI RADIO) – A new state law expands Illinois’ Secure Choice savings program.
Starting next year, small businesses with five or more employees that don’t offer any sorts of retirement program must enroll their staff in Secure Choice, a state-run retirement option.
The current threshold is 25 or more workers. The change was sponsored by State Rep. Will Guzzardi of Chicago.
Employees can opt out of Secure Choice and save on their own. Businesses will need to fully implement the new law by September 2023.