The Illinois Secure Choice Savings Program mandates that any employer with more than 15 employees must either provide those employees with a retirement savings program or register its employees with the Secure Choice program so that they might voluntarily begin saving. Eligible businesses with greater than 15 employees that are yet to comply with the mandated filing have begun to receive letters indicating monetary fines. Fines are substantial and can accumulate in the tens of thousands of dollars. The Illinois State Treasurer’s Office, which administers the Program, has been very vocal that it would begin issuing fine letters to certain eligible employers beginning in February of 2023. NFIB is aware that employers have begun to receive these fine letters.
Do not wait to become compliant. If you have more than 15 employees, you can register your employer provided retirement savings program or register your employees at the following link:
Illinois Secure Choice | Employer Information (ilsecurechoice.com). The Treasurer’s Office will work with employers to become compliant.
