Corporate Refusal For 401 In Chicago
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Contact Client Services via email at clientservices@ilsecurechoice or by phone at (855) 650-6913 Monday through Friday, 8 a.m. – 8 p.m. CST for assistance with your specific request.
Do I have to offer health insurance in Illinois? Whether or not you must offer health insurance depends on the number of employees you have. The federal government requires organizations with 50 or more full-time equivalent employees (FTEs) to provide health insurance that meets minimum essential coverage (MEC).
Under the Illinois Secure Choice Savings Program Act, Illinois employers with at leave five (5) employees, that have been in business for two or more years, and that do not offer a qualified retirement plan must either begin offering a qualified plan or automatically enroll their employees into the Illinois Secure ...
While workers are automatically enrolled in Illinois Secure Choice, they can choose to opt out or change their contribution amount at any time.
The Illinois Secure Choice is a mandatory state-sponsored retirement savings program. Employers that do not comply face penalties of $250 per employee for the first year and $500 per employee for each subsequent year.
Employer registration deadlines State law now requires every Illinois employer with five or more employees to offer their own retirement program or facilitate Secure Choice. Program deadlines are based on employer size but there is no need to wait, you can register with the program today!
There are no employer fees and employers do not make contributions to employee accounts.
The Illinois program, known as Illinois Secure Choice and launched in 2018, allows workers to automatically save a portion of each paycheck in an individual retirement account (IRA). As of December 2023, roughly 140,000 funded accounts are saving an average of $135 per month as part of Illinois Secure Choice.
