My Illinois Savings (formerly Illinois Secure Choice) is enforcing now. It applies to Illinois employers with 5+ employees (every quarter of the prior year) that do not offer a qualifying retirement plan. Penalty: Up to $500 / employee / yr (escalating). Upcoming: Newly eligible employers by 2026-11-01.
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Informational only, not legal or tax advice.
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My Illinois Savings (formerly Illinois Secure Choice) covers Illinois employers with 5+ employees (every quarter of the prior year) that do not offer a qualifying retirement plan. Counting rule: At least 5 Illinois employees in every quarter of the previous calendar year; penalties use the annual average of quarterly headcount. Applies to employers in business for 2+ years.
Escalating: $250 per employee (first non-compliant year); $500 per employee (each subsequent year). Penalties are being assessed now.
Upcoming: Newly eligible employers by 2026-11-01. Already passed: 16–24 employees (2022-11-01); 5–15 employees (2023-11-01) — unregistered employers should register or certify an exemption now.
820 ILCS 80/5, 80/60, 80/85 (as amended by P.A. 104-100, eff. 2025-08-01) · Official program: myilsavings.com · Verified 2026-09-17.
My Illinois Savings (formerly Illinois Secure Choice) is Illinois's state-facilitated retirement savings program. It is enforcing now. Program: https://myilsavings.com.
My Illinois Savings (formerly Illinois Secure Choice) covers Illinois employers with 5+ employees (every quarter of the prior year) that do not offer a qualifying retirement plan. Counting rule: At least 5 Illinois employees in every quarter of the previous calendar year; penalties use the annual average of quarterly headcount. Applies to employers in business for 2+ years.
Escalating: $250 per employee (first non-compliant year); $500 per employee (each subsequent year). Penalties are being assessed now.
Upcoming: Newly eligible employers by 2026-11-01. Already passed: 16–24 employees (2022-11-01); 5–15 employees (2023-11-01) — unregistered employers should register or certify an exemption now.
Exempt with a plan under 401(a)/401(k), 403(a)/403(b), SEP (408(k)), SIMPLE (408(p)) or 457(b); certification required — an approved exemption removes any proposed assessment. A private 401(k) or SIMPLE IRA satisfies the mandate and may qualify for SECURE 2.0 startup credits.
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