Illinois Adopts the Nation’s First Automatic Retirement Fund

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On January 4, 2015, the Governor of Illinois approved an innovative approach for residents to save for retirement. The legislation (S.B. 2758, Act 98-1150) will require employers that currently do not offer qualified retirement plans to withhold a percentage of an employee’s wages and contribute those amounts to the new Illinois Secure Choice Savings Program Fund. The required withholding will begin in 2017 and will be mandatory for employers with at least 25 employees.

Employees that do not affirmatively opt out of the program will be automatically be enrolled. The employee’s accounts will be invested into a …read more

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