Understanding State Mandates in Illinois for Retirement Plans: Options and Compliance
Help clients understand Illinois' state-mandated retirement program and educate them on the key features and benefits of the program as well as available alternatives.
Key Points
- State Mandate Compliance: Educate clients about Illinois' retirement program requirements, including the need for employers with five or more employees to offer a retirement plan.
- Illinois Secure Choice Overview: Highlight the features of the Illinois Secure Choice program, such as automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Plan Options: Explain alternative plan options that satisfy the mandate, like 401(k) and PEPs, including information about flexibility, contribution limits, and potential tax advantages.