How do I get out of this?! Opting out of Illinois Secure Choice (ILSC) is one of the most popular questions we receive. If you already have a company sponsored retirement plan or are looking to start one before the November 1, 2019 deadline, you are exempt. Additionally, employers with fewer than 25 employees and employers that have been in business for less than two years are also exempt. Here's what you need to know to opt out.
1. You should have received a letter in the mail regarding Illinois Secure Choice. If you did not receive a letter, there is a chance you received an email. If you didn't receive either, you will want to call Employer Assistance at (855) 650-6913 from 8 a.m.–8 p.m. CT Monday through Friday or email email@example.com.
2. The letter contains a special access code you will need to enter into the ILSC website. Click HERE to enter your company's Employer Identification Number (EIN) and the access code. Click the Next button.
3. Your company information should appear on the next screen. Select "Yes" if you currently or will offer a company sponsored retirement plan, like a 401(k) plan, by the November 1, 2019 deadline.
Congratulations, you have just opted out of the Illinois Secure Choice program. Please print or save the webpage for your records. For more information, please look at page 2 of the ILSC Registration Checklist.
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®