Sec. 10. Establishment of Illinois Secure Choice Savings Program.
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/il/chapter-820/act-80/10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10. Establishment of Illinois Secure Choice Savings Program.
(a)A retirement savings program in the form of an automatic enrollment payroll deduction IRA, known as the Illinois Secure Choice Savings Program, is hereby established and shall be administered by the Board for the purpose of promoting greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner.
(b)The accounts established under this Program shall be IRAs, into which enrollees contribute funds that are invested in investment options established by the Board. A separate account shall be established for each enrollee and the accounts shall be owned by the enrollee.
(c)The savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account, either simultaneously or separately throughout the enrollee's lifetime.
(d)An enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program.