Illinois Secure Choice requires all employers with 5+ employees who have been in business 2+ years to offer retirement savings. Penalties up to $500/employee are being enforced.
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Informational only — not legal or tax advice.
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Illinois employers with 5 or more employees who have been in business at least 2 years and don't offer a qualifying retirement plan must register with IL Secure Choice.
Non-compliant Illinois employers face fines of $250 per employee in the first year and $500 per employee per year thereafter.
By offering a qualifying 401(k), SEP IRA, or SIMPLE IRA plan. Many Chicago small businesses are using SECURE 2.0 tax credits (up to $5,000/yr x 3 years) to fund this at zero net cost.
Book a free 15-minute compliance audit. We'll show your exact requirement, your real exposure, and whether your own plan saves you money.