July 1 is the registration deadline for the next wave of employers for the Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan. Employers with 100-499 employees must register with the program by that date.
The Illinois Secure Choice Savings Program Act, the law establishing the program, was enacted on Jan. 4, 2015. However, a measure was subsequently enacted that delayed enrollment of employees. The first wave of employers to register with the program, those with 500 or more employees, were to do so by Nov. 1, 2018. The third wave, employers with 25 to 99 employees, will be required to register by Nov. 1, 2019. Full implementation is to take place by Dec. 31, 2020.
During each employer registration phase, the program monitors compliance, reaches out to employers, and provides technical assistance to help them meet deadlines and requirements. Any business with employees in Illinois that does not offer an employer-sponsored retirement plan is required to make it possible for its employees to participate in the Illinois Secure Choice Program. Employers that do not may be subject to fines and penalties.