By John Iekel
The Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan, is now being tested by employers who volunteered to participate in a pilot program. Illinois State Treasurer Michael W. Frerichs (D) announced their participation April 18.
WNIU reports that Frerichs made his remarks in a panel discussion on retirement savings held at the University of Illinois I-Hotel in Champaign, Ill. More employers will become part of the pilot program in the fall of 2018.
The Illinois Secure Choice Savings Program Act, the law establishing the program, was enacted on Jan. 4, 2015. It called for the program to be implemented by June 1, 2017; however, a measure was later enacted that delays enrollment of employees until 2018. That law specifies only that full implementation was to take place by Dec. 31, 2020; it leaves it to Illinois Secure Choice Savings Board to set a precise timeline.
The Board met on April 19; the meeting agenda included discussion of a proposed launch schedule, auto-enrollment and a resolution to establish participant Roth IRAs.