Illinois Secure Choices is a simple way for you to save for retirement. You can enroll through your employer if they register for the program or you can sign yourself up today!
NOTE: Illinois Secure Choice accounts are Roth IRAs, and those with higher incomes may not be eligible to contribute. If you earn more than the Roth IRA income limits set by the federal government, you may need to opt out of Illinois Secure Choice. Learn more about contribution limits.
Illinois Secure Choice also offers a Traditional IRA option to savers who need to recharacterize their contributions. Contact client services to get the process started.
Illinois Secure Choice charges Administrative Fees to pay for program operations and the underlying investments you choose. You may also be charged Activity-Based Fees for options like choosing to receive paper statements. Fees are automatically deducted from your account balance, so you will not receive a bill.
See below for details about the changes to Administrative and Activity-Based Fees.
|Fee effective January 1, 2024
|Fixed Account Fee
|$4 per quarter ($16 annually)
|Total Annualized Asset-Based Fee (Refer to the Program Disclosure Booklet for more information)
|Ranges from 0.32% to 0.45% of assets depending on investment choice(s). This means you pay $0.32 to $0.45 annually for every $100 in your account. 1
 The Total Annualized Asset-Based Fee (0.32%-0.45%) includes the Underlying Investment Fund Fee (0.02%-0.15%), the State Fee (0.05%), and the Program Administration Fee (0.25%).
The Fixed Account Fee will not be assessed until at least 90 days after your initial contribution and will not be assessed for the quarter in which the first contribution was made. For example, if you initially funded your account between April 1 and June 30 (the second quarter of the year), the first Fixed Account Fee will be assessed at the end of the third quarter, September 30.
If you initiate a full withdrawal and have had a funded account for at least 90 days, all applicable fees, including the Fixed Account Fee, will be assessed before funds are distributed. If your account balance is $15 or less at the time you initiate a full withdrawal, the Fixed Account Fee will be waived.
If your account does not have a large enough balance to cover the Fixed Account Fee assessed at the end of the quarter, the remaining amount in the account will be assessed and the account balance will be $0.
|Fee effective January 1, 2024
|Electronic Delivery Fee (for electronic delivery of account statements, disclosures, and confirmations)
|Paper Delivery Fee (for paper delivery of account statements, disclosures, and confirmations)
|$1.25 per quarter ($5 annually)
|Paper Check Fee (for delivery of funds by paper check)
|$5 per check
Log in to your account and set your account document delivery preference to electronic delivery for both Account Statements and Transaction & Profile Confirmations to avoid the Paper Delivery Fee. Please note, you will not be charged for paper delivery of IRS Tax Documents.
Establish an electronic bank transfer (ACH) before you initiate a withdrawal or distribution to avoid Paper Check Fees. After you set up electronic bank transfer, you can also easily deposit additional funds into your account to invest for retirement.