Is your small business aware that the Illinois Secure Choice Savings Program Act was passed in 2020? Or that any businesses with 16-24 employees have less than 30 days to comply with the act. Actually, Bill 820 ILCS 80/85 was passed in a tiered form and requires all employers to offer their employees either a simple IRA or 401K.
There are different deadlines for businesses, based on their employee count.
11/1/2022 16-24 employees (both full and part time)
11/1/2023 5-15 employees
Those small businesses that do not provide their employees with a savings plan by their deadline will be subject to a $250 fine per employee.
Feel free to contact the Troy/Maryville/St. Jacob/Marine Chamber of Commerce for a list of local businesses that can provide you with more information and specific savings plans. There is an informational video on the Chamber’s website at www.troymaryvillecoc.com or e-mail dawn@troymaryvillecoc.com.
Just like anything of the legal or financial nature, we recommend that you reach out to your professionals to discuss further. Feel free to share this information with any other businesses who might have questions.
