As a follow up to a blog post here a couple of weeks ago (Click here):
Illinois Secure Choice will be sending notifications to employers, who have more than 25 employees eligible for unemployment for any 30 day period, in batches between now and the end of August/beginning of September. All Illinois employers must either have their own retirement plan or the must register for Illinois Secure Choice by 11/1/19 if they have more than 25 employees. If an employer has their own retirement plan they would need to prove that to Illinois Secure Choice to be exempted from the program. If they start Illinois Secure Choice and later decide they’d rather have their own retirement plan, they would need to prove that the plan is in place to be allowed to withdraw from the program.
The notification letters to employers will include an access code to register online. Once that registration is complete the clock starts on the program for that employer. Employers have until November 1st to begin the program, so if they don’t want to start early they should delay registering until October.
Any employee who is over 18 and is employed 30 days or more must be registered by their employer. When employees are registered they are automatically opted in for a 5% contribution to the retirement plan and they have 30 days to change that before it goes into effect. Employees will be sent information packets that include instructions on creating their online account as soon as they are registered. Employers won’t get a copy so they can’t help employees other than to direct them to Illinois Secure Choice’s employee line 855-650-6914.
Employers will transmit payroll and contribution data with each payroll and the state will withdraw it from their bank account. They will also need to regularly update the employee list with Illinois Secure Choice.
Illinois Secure Choice will be sending notifications to employers, who have more than 25 employees eligible for unemployment for any 30 day period, in batches between now and the end of August/beginning of September. All Illinois employers must either have their own retirement plan or the must register for Illinois Secure Choice by 11/1/19 if they have more than 25 employees. If an employer has their own retirement plan they would need to prove that to Illinois Secure Choice to be exempted from the program. If they start Illinois Secure Choice and later decide they’d rather have their own retirement plan, they would need to prove that the plan is in place to be allowed to withdraw from the program.
The notification letters to employers will include an access code to register online. Once that registration is complete the clock starts on the program for that employer. Employers have until November 1st to begin the program, so if they don’t want to start early they should delay registering until October.
Any employee who is over 18 and is employed 30 days or more must be registered by their employer. When employees are registered they are automatically opted in for a 5% contribution to the retirement plan and they have 30 days to change that before it goes into effect. Employees will be sent information packets that include instructions on creating their online account as soon as they are registered. Employers won’t get a copy so they can’t help employees other than to direct them to Illinois Secure Choice’s employee line 855-650-6914.
Employers will transmit payroll and contribution data with each payroll and the state will withdraw it from their bank account. They will also need to regularly update the employee list with Illinois Secure Choice.
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