![]() ![]() The Treasurer’s office administers Secure Choice on behalf of the Secure Choice Board and partners with private-sector financial service firms for recordkeeping, custodial, and investment management services. Secure Choice is run by a seven-person Board with Treasurer Frerichs serving as Chair. However, unlike a traditional retirement plan, employers are not considered plan fiduciaries, do not pay any fees, do not make contributions into the accounts, and are not responsible for plan paperwork or administration. Accounts are owned by individual participants and are portable from job to job.Įmployers register for the program, provide employee information so accounts can be created, and facilitate payroll contributions. Secure Choice participants are enrolled in a default target date Roth IRA with a default five percent payroll contribution, but can choose to change their contribution level or fund option at any time, or choose to opt-out of the program altogether. They may be matured insurance policies, unsettled debts or bankruptcies. Secure Choice is also available to individuals who choose to sign up separately from an employer. In Illinois it’s called ICash, and the State Treasurer is holding 2.5 billion in unclaimed funds. Illinois businesses with at least 5 employees, that have been in business for two or more years, and who do not currently provide a retirement plan must either begin offering a qualified plan, or automatically enroll their employees into Secure Choice. The Illinois Secure Choice Savings Program (Secure Choice) provides workers with an easy way to save their own money for retirement and is simple and straightforward for employers to facilitate.
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