Approaching Deadline for the Illinois Secure Choice Retirement Savings Program (“SCRSP”)
The Illinois Secure Choice Retirement Savings Program (“SCRSP”) is a state-facilitated retirement savings instrument for private sector workers in Illinois who do not have access to an employer-sponsored plan. The SCRSP covers employers with 5 or more employees. Registration for employers with 5-15 employees is currently open until the deadline on November 1, 2023.
The SCRSP requires covered employers to distribute information provided by the SCRSP, facilitate employee enrollment in the SCRSP, and remit contributions to the SCRSP via employee payroll deductions. This includes annual automatic contribution increases of up to 10% of wages (employees have the right to opt-out).
Employers that don’t comply with the SCRSP will be subject to fines and penalties described in 820 ILCS 80/. Smaller employers that fall under the auspices of the SCRSP should consult with experienced counsel to assure compliance.
Levin Ginsburg is a full-service law firm that can provide counsel on the nuances of the SCRSP. If you have any questions, please contact Mitchell Chaban at mchaban@lgattorneys or (312) 368-0100.