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Illinois Secure Choice: One Month Left to Opt Out

Illinois Secure Choice: One Month Left to Opt Out

| September 30, 2019
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It’s almost here. The last registration deadline, November 1st 2019, is quickly approaching for companies with 99 to 25 employees. More news articles have come out recently to help promote awareness. Some news stories are finally mentioning the potential unforeseen problems employers will be faced with as final notices go out and the preparation for Illinois Secure Choice begins.

According to WICS News Channel 20, as of September 26th, 1,700 employers have signed up 27,000 employee accounts. This means the adoption rate by employees is less than 16%. Combine this and other reasons, like stiff penalties starting at $250 per employee, and you can see why the Illinois Association of Independent Business is concerned. For more, see the interview with Illinois State Director for the National Federation of Independent Business Mark Grant located HERE.

Mark was also quoted in a recent article stating, "There will be employees for whom this will be a surprise and they're going to wonder why their employer is taking another 5 percent out of their paycheck. I think there's going to be some problems with many employers getting some blowback from employees who may not be aware they have to opt-out."

For more help on opting out of Illinois Secure Choice, see our blog post from July, 30 2019. Make sure you have communicated with your employees and are aware of your options for retirement plans.

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

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