Signed by Governor JB Pritzker

Vote Smart's Synopsis:

Vote to pass a bill that limits accounts under the Illinois Secure Choice Savings Program Act to IRA Accounts.

Highlights:

• Requires accounts established under the Illinois Secure Choice Savings Program to be Traditional IRA or Roth IRA accounts (Sec. 10).

• Specifies that the savings accounts established under the Program are portable and allow an enrollee to make contributions from multiple employers simultaneously or separately throughout their lifetime (Sec. 10).

• Requires employers to enroll all employees who have been employed for at least 120 days in the Program upon initial enrollment, and all new employees within their first 120 days after initial enrollment (Sec. 60).

• Authorizes employees to opt out of the Program (Sec. 60).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that limits accounts under the Illinois Secure Choice Savings Program Act to IRA Accounts.

Highlights:

• Requires accounts established under the Illinois Secure Choice Savings Program to be Traditional IRA or Roth IRA accounts (Sec. 10).

• Specifies that the savings accounts established under the Program are portable and allow an enrollee to make contributions from multiple employers simultaneously or separately throughout their lifetime (Sec. 10).

• Requires employers to enroll all employees who have been employed for at least 120 days in the Program upon initial enrollment, and all new employees within their first 120 days after initial enrollment (Sec. 60).

• Authorizes employees to opt out of the Program (Sec. 60).

Full Bill Text