ACT NOW. Paying state fines is never fun.
The deadline for Illinois Secure Choice for 16 or more employees has passed.
Starting from November 1, 2022, all Illinois employers who have been in operation for at least two years and have 16 or more employees are required to offer some type of retirement plan for their employees. Illinois businesses with between five to fifteen employees must register by November 1, 2023.
There might be a better option.
Employer-sponsored 401(k) plans, like Human Interest, allow employers flexibility to design a plan that works for their business. Human Interest partners with over 450 payroll providers to offer a ‘touchless’ integration, which means less administrative work as follows
Add New | Illinois Secure Choice | Human Interest |
Change Contribution Amounts
| Each Time an Employee Makes a Change
Add New | We Can Help.
|
Change of Contributions
| Every pay period, employers must submit a file due in seven days. | We Can Help.
|
Process payroll contributions and debit the company's bank account each pay period. | Every pay period. | We Can Help.
|
Employee Census. | Add new eligible employees and update terminated employees. | We Can Help.
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Miscellaneous Administrative Work. | Actualice las tasas de contribución de los empleados, agregue nuevos empleados elegibles y marque a los empleados como inactivos cuando sean despedidosAdd New | Podemos ayudar. Lo ayudamos con el cumplimiento y el mantenimiento de registros para cada ciclo de nómina. |
Illinois Secure Choice Fines:
employers will receive fines for not providing a
retirement savings option to their employees.
Once notice is given, Illinois Secure Choice penalties start at $250 per eligible employee if an employer remains non-compliant after 120 days.4 A company with 50 employees could face up to $12,500 in fines in one year. After the first year, the penalties increase to $500 per year per employee. A company with 50 employees could face up to $25,000 in fines per year
Opt for avoiding fines by opting for a better retirement plan.
- What is a state-sponsored retirement plan? Human Interest. February 3, 2023.
- Refer to humaninterest.com/payrolls for a list of integrated payroll providers.
- Illinois expands its mandatory Secure Choice retirement savings program. JD Supra. August 6, 2021. 4jdsupra.com/legalnews/illinois-expands-its-secure-choice-3771757. Human Interest Inc. is a provider of affordable and full-service 401(k) and 403(b) plans that aims to make it easy for small to mid-sized businesses to help their employees invest for retirement. Investment advisory services are provided by Human Interest Advisors LLC, a registered investment advisor and a subsidiary of Human Interest Inc. For more information about our investment advisory services, please visit humaninterest.com/hia. This content has been prepared for informational purposes only and should not be construed as individual tax, legal, or investment advice. Please consult a suitable professional regarding your situation. The opinions expressed are subject to change. In the event that third-party data and/or statistics are used, they have been obtained from sources considered reliable; however, we cannot guarantee their accuracy or completeness. Investing involves risks, including the risk of loss. Past performance does not guarantee future results.”
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