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New Illinois Law Will Require Employers to Enroll Private Sector Employees in State-Run Payroll Deduction IRAs
Steptoe & Johnson LLP [Guidance Overview] Dec. 21, 2014 "The Act requires private sector employers that do not already maintain a retirement plan to enroll their employees in automatic 'payroll deposit retirement savings arrangements' and to remit after-tax payroll deductions to a separate trust fund (State Fund or Fund) established by a state-run board.... [T]he Program will not be implemented if 'the IRA arrangements offered under the Program fail to qualify for the favorable federal income tax treatment ordinarily accorded to IRAs under the [Internal Revenue Code] or if it is determined that the Program is an employee benefit plan and state or employer liability is established under [ERISA].' ... An IRA for this purpose is defined under the Act as 'a Roth IRA under Section 408A' of the Code." |
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