The Illinois State Treasurer’s office administers the Illinois Secure Choice Savings Program Act (Secure Choice) on behalf of the Secure Choice Board. Secure Choice is run by a seven-person Board, with Treasurer Frerichs serving as Chair.
Secure Choice offers Illinois businesses with at least 25 employees, that have been in business for two or more years, and who do not currently provide a qualified savings plan the option to either offer a private market savings vehicle, or automatically enroll their employees into Secure Choice.
Secure Choice participants will be enrolled in a default target date Roth IRA with a default five percent payroll deduction, but could choose to change their contribution level or fund option at any time, or choose to opt-out of the program altogether. Accounts are owned by individual participants and will be portable from job-to-job.
An estimated 1.2 million workers will gain access to employer-based retirement savings plans through Secure Choice. Individual accounts will be pooled and managed by a private investment company selected through a competitive bidding process.
Program implementation is underway. For more information, see the Secure Choice Fact Sheet. View materials from the Secure Choice Board Meetings here.
Implementation Update: At its August 2016 meeting, the Board set a new implementation schedule for Secure Choice. Program enrollment will be phased-in over time, beginning with a phase one pilot program in 2018. Participating businesses will be made aware of the program rollout in advance, but many may not actually begin enrollment until later phases in 2018 or 2019.
Please see the recently developed Employer Fact Sheet and Employer FAQ for additional information about the Secure Choice.
Check this webpage for updates on the implementation of Secure Choice.
Please contact us for more information about Secure Choice, or call the Treasurer's Office at (312) 814-8955.
Secure Choice Board Members
Illinois State Treasurer Michael Frerichs, Chair
John Gay, Designee for the Illinois State Comptroller’s Office
Kim Fowler, Designee for the Governor's Office of Management and Budget
Miriam Martinez, Appointee
David Marzahl, Appointee
David Rappaport, Appointee
John Rauschenberger, Appointee
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