22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars
Illinois Employees Savings Thrift Plan
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Businesses are required to participate in Secure Choice if they: Have been in operation for at least two years. Employed five or more people in every quarter of the previous year.
To receive a pension benefit, you must have a minimum of 10 years of credited service with SERS. You may retire at: Age 67, with 10 years of service credit. Between ages 62-67 with 10 years of credited service (reduced 1/2 of 1% for each month under age 67).
Newly mandated business with five or more employees are required to register by the end of the calendar year in which they became subject to the mandate (e.g. due to employing more than five employees or because they ceased to sponsor a retirement plan).
Eligibility and Registration Employers who have fewer than 5 employees, have been in business for less than two years, or who already offer an employer-sponsored retirement plan are exempt from facilitating the program.
You may retire at: Age 60, with 8 years of service credit. Any age, when your age (years & whole months) plus years of service credit (years & whole months) equal 85 years (1020 months) (Rule of 85). Between ages 55-59 with 25-29 years of credited service (reduced 1/2 of 1% for each month under age 60).
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 ...
ERISA does not require any employer to establish a retirement plan. It only requires that those who establish plans must meet certain minimum standards. The law generally does not specify how much money a participant must be paid as a benefit.
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 ...