Loren D. Stark Company
Randall & Hurley, Inc.
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|Illinois Enacts Nation's First Auto-IRA Program|
Faegre Baker Daniels LLP
Jan. 5, 2015
"Starting in 2017, private employers with more than 25 employees who have been in business for more than two years will be required to automatically enroll their employees in a state-run IRA program if the employer does not offer access to a private workplace retirement plan. Participant employees will automatically contribute 3 percent of their paychecks, but will be free to change their contribution level or opt out at any time. Employers who do not offer the state-run, auto-IRA program or other type of private retirement plan will be subject to a fine of $250 per employee per year."
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