Are you a business owner with 5 or more employees OR do you work for a business that has 5 or more employees?
Do you currently have a 401K or retirement plan offered at your work? If not, there's new Illinois legislation called “Secure Choice” which will impact you and your retirement options in the very near future.
By November 1, 2023, this new legislation will require businesses with five or more employees to participate in the Secure Choice program or face fines and penalties for each employee they have on payroll, unless they already offer a qualifying retirement plan.*
Secure Choice is raising awareness about the importance of offering a retirement plan. That's a big positive. Yet, its one-size-fits-all approach and mandatory nature can lock businesses and employees into a retirement plan that's not well tailored to their or their employees' needs.
What does this mean for you?
Well, if you work for a company with more than 5 total employees and you currently have no retirement plan at work, your employer will need to get one started by November 1, 2023.
What’s better, we can help!
We would be happy to act as a resource for your employer to discuss their options with and make sure that they stay in compliance with the new requirements. We have options for companies to start a new retirement plan at little to no out of pocket cost to them.
If you believe you may be someone in this situation, pass our information along to your owner or HR department so we can assist. If preferred, we’d be happy to contact them and go through their options to ensure they avoid these costly fines for failure to maintain compliance with the new legislation.
If you have any questions or need help with ensuring compliance, feel free to reach out to us by phone (630-221-1112) or email (Jeff Scheithe/Michael Cirelli) to see if SAI Financial Services can help guide you through this process.
* Source: http://www.ilsecurechoice.com/
