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.
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.
Approximately 30 days before you are automatically enrolled in Illinois Secure Choice, you’ll receive a notice asking you to set up your account, opt out, or wait to be automatically enrolled.
Do nothing
Setting up your account
Opt out
Once you have set up your account by verifying your contact information and signing all account documents, you are able to
If you choose not to set up your account or opt out, you will start saving automatically after 30 days with the standard savings elections:
You can opt out of participating in Illinois Secure Choice at any time. If you opt out before the end of the 30-day notification period, no payroll deductions will be made on your behalf and your Roth IRA will not be activated. You can join the program and begin contributing to your account at any time by contacting our Client Service Team.
Before you opt out entirely, consider saving with a lower contribution rate. This way, less money will be deducted from your paycheck, but you’ll still be contributing toward your future.
Discover a savings rate that works for you.
You can choose to stop participating at any time, which will stop money from being taken out of your paycheck. You can leave the money in your account, transfer or roll it over to another Roth IRA, or request a distribution. Keep in mind, requesting a distribution may be result in taxes and penalties.
If you chose not to participate before your Roth IRA was set up, you can enroll at any time by contacting our Client Service team.
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.
Effective January 1, 2024, Illinois Secure Choice will update its fee structure to help lower your relative costs as you invest for the long term and to help cover administrative and support services. Some new fees are due to the cost of printing and mailing, so make sure to set your preferences to electronic delivery and enable electronic bank transfer to avoid these fees.
See below for details about the changes to Administrative and Activity-Based Fees.
| Fee | Fee prior to January 1, 2024 | Fee effective January 1, 2024 |
|---|---|---|
| Fixed Account Fee | N/A | $4 per quarter ($16 annually) |
| Total Annualized Asset-Based Fee (Refer to the Program Disclosure Booklet for more information) | 0.75% of assets. This means you pay $0.75 annually for every $100 in your account. 1 | 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. 2 |
[1] The Total Annualized Asset-Based Fee (0.75%) includes the Underlying Investment Fund Fee (0.02%-0.15%), the State Fee (0.05%), and the Program Administration Fee (0.55%-0.68%).
[2] 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 | Fee prior to January 1, 2024 | Fee effective January 1, 2024 |
|---|---|---|
| Electronic Delivery Fee (for electronic delivery of account statements, disclosures, and confirmations) | $0 | $0 |
| Paper Delivery Fee (for paper delivery of account statements, disclosures, and confirmations) | $5 for the annual paper statement or $15 a year for all quarterly statements | $1.25 per quarter ($5 annually) |
| Paper Check Fee (for delivery of funds by paper check) | N/A | $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.