January 13, 2015
On Jan. 4, 2015, Governor Pat Quinn signed the Illinois Secure Choice Savings Plan Act into law, creating Public Act 098-1150. The new legislation provides an individual retirement savings program for private-sector employees who don’t have access to an employer-sponsored retirement plan. Employers that have been in business for at least two years and employ 25 or more employees are required to participate by enrolling their participants in the plan and remitting after-tax contributions to the plan. The new law is effective June 1, 2015, and implementation must be completed within 24 months of the Act.
Public Act 098-1150 »