The November 1st deadline for companies with 25 to 99 employee will be here before we know it. Maybe you have seen more articles written to make sure employers are aware of their responsibilities. As we get closer to the deadline, more employers are asking questions. Here are the few we have heard you might find helpful:
- Are the emails spam? No, although the emails do not come from a “.gov” email, the emails for employers and employees regarding signing up are not spam.
- Are non-profits subject to the Illinois Secure Choice Act? Yes, the FAQ section on ilsecurechoice.com specifically states “whether for profit or not for profit.”
- How are employees counted? The employee count is based on last year’s reported employee data. If you employ more than 25 employees for more than two quarters you will qualify and need to enroll.
- How expensive is this for employees? The stated fee will average 75 basis points, which is .75%. This means if you have $1,000 in your account, your will pay $7.50 in fees on average.
- How do I accommodate tipped employees? Your best course of action is to call the Employer Client Services phone number, 855-650-6913, to ask them about your given situation.
Back in January, the Illinois State Treasurer’s office gave a presentation to the Illinois Restaurant Association to answer more questions about the program. The helpful slides can be found HERE.
Questions?
If you have any questions, need additional information, or would like to talk about other retirement plan options, please do not hesitate to contact Associated Pension Services, Inc. We have been involved in the retirement plan administration business for over 30 years, helping small business owners and HR managers like yourself navigate, establish, and implement retirement solutions. You don't need to go at this alone.
Frederic (Eric) Hoffman, IV, AIF®, CPFA, APR, RICP®
(847) 400-7882
ehoffman@associatedpensionservices.com