Welcome new savers!

Join us for an upcoming webinar to learn all about Illinois Secure Choice. In just 30 minutes we’ll explain how enrollment works, your retirement saving options, and how to manage your account. Find a live webinar or watch a recording.

Employers

Facilitating Secure Choice Resources Employer Support Payroll Providers

Savers

Invest in your future

Benefits:

Illinois Secure Choice is a convenient and voluntary way for Illinoisans to save for retirement.

Your employer is facilitating Illinois Secure Choice, a retirement savings program established by the State of Illinois to make it easier for employees to save for retirement. With Illinois Secure Choice, enrollment is automatic: you will be enrolled unless you opt out within 30 days of receiving this information. You can opt out or back in at any time.

By enrolling in Illinois Secure Choice, you can save for your future through automatic payroll contributions through each paycheck. Because your Individual Retirement Account (IRA) belongs to you, you can keep saving even if you change jobs. Even a little saved now can potentially make a big difference in the future.

30 Days to Decide:

Option One: Start saving
  • Set up your account now: Establish online access and update your savings choices
  • Set up your account later: Your savings will start automatically based on the standard savings choices
Option Two: Opt Out
  • If you don’t want to save for retirement - you can opt back in at any time
  • Consider a smaller contribution rate - a great alternative to opting out entirely

Decide online at saver.ilsecurechoice.com/register, by phone at (855) 650-6914, or by filling out a form.

Automatic Enrollment:

30 days after receiving your invitation, you will be automatically enrolled in the program and will start saving part of each paycheck into your own Roth Individual Retirement Account (IRA) (unless you opt out within the 30 day window).

Your account will be a Roth IRA. Contributions into a Roth IRA are made after-tax and not taxable when you remove them from your account. Any earnings on those contributions could be tax free if you meet certain IRS criteria.

5% of your gross pay (wages before taxes and other deductions) will be contributed to your Roth IRA. 

The program charges an annual asset-based fee of approximately 0.75%, which means you will pay approximately $0.75 per year for every $100 in your account. You will not get a bill. This cost is automatically taken out of your Illinois Secure Choice balance on a regular basis to help pay for the administration of the program. There is also a $5 annual paper statement fee that can be waived by switching to e-delivery.  
 

Set Up and Personalize Your Account:

  • Verify your contact information
  • Accept the account documents
  • Add beneficiaries (who will inherit your Roth IRA in the event of your death)
  • You can also:
    • Change your contribution rate
      • Minimum = 1%, maximum = 100% up to IRS limits for Roth IRAs
    • Change your investment choices. Available options include:
      • Illinois Secure Choice Capital Preservation Fund: 100% invested in the State Street Institutional Liquid Reserves Fund (Ticker: SSHXX)
      • Illinois Secure Choice Target Date Retirement Funds: 100% invested in the BlackRock LifePath Index Target Date Retirement Funds. Choose your fund based on your target retirement date.
      • Illinois Secure Choice Growth Fund: 100% invested in the Schwab S&P 500 Index Fund (Ticker: SWPPX)
      • Illinois Secure Choice Conservative Fund: 100% invested in the Schwab U.S. Aggregate Bond Index Fund (Ticker: SWAGX)
    • Opt out of an automatic 1% annual contribution rate increase.
    • Select e-delivery as your account communication preference to qualify for the e-delivery fee waiver.

Make a Withdrawal:

You can withdraw your contributions at any time online or by completing a distribution request.1 Consult with a qualified tax advisor to discuss your particular circumstances.

For more detailed information about your Illinois Secure Choice account, go to the Program Details page. You can review how to take action on the options above, including how to customize your savings rate and change your investment choices.

1Earnings may be taxable and have a penalty applied if you are under 59½ and have had your account for less than 5 years. Speak to a tax advisor to review and understand the 10% Early Distribution Penalty Tax Exceptions.

All investing is subject to risk, including the possible loss of the money you contribute through your payroll deductions. Those seeking tax, investment, or financial advice should contact a financial advisor. Your Employer is not in a position to provide financial advice.