Legislative Summary:

Senate Bill 2758 was originally proposed in January 2014 by Senator Daniel Biss (D) and was passed by the Senate in April 2014. In early December 2014 the House ratified it and it was signed into law in January 2015. Originally intended to be implemented by June 2017, a measure was later enacted that delayed its implementation until July 2018. In July 2021, the Act was amended to expand coverage to smaller employers.

Program Description:

The Illinois Secure Choice Savings Program is administered by the Illinois Secure Choice Savings Board, to provide a state-facilitated payroll-deduction individual retirement savings plan to private sector employees who do not have access to employer-sponsored retirement savings plans.

Affected Employers:

Employers with five (5+) or more employees, who have been in operation for more than two (2) years, and that have not offered a qualifying retirement plan in the last two years.

General Requirement:

Automatic enroll employees at 5% deferral with annual increases of 1% (up to a maximum of 10%) of the enrollee’s wages. Every affected employer must register and choose to opt-in or claim exemption.

Launch Status:

July 1, 2018

Full Implementation:

November 1, 2023

Compliance Deadline:

November 1, 2022 Employers with 15+ employees
November 1, 2023 Employers with 5+ employees

Non-Compliance Penalties:

$250 per employee/year for the first year of non-compliance & $500 per employee/year for every subsequent year the employer remains non-compliant.

Employer Costs:


Employee Costs:

0.75% annual fee on plan balance


The program offers a suite of 11 target date funds (TDFs), as the default investment option, and additional investment options – including a capital preservation, growth, and conservative funds.

Program Website: