Provide that participating employers may designate an open enrollment period during which employees who previously opted out of the secure choice program may enroll.
Employer shall retain the option at all times to set up a qualified retirement plan.
Remove automatic enrollment payroll deduction IRA from qualified retirement plans list
Legislative History
On Feb. 2, 2024, bill introduced in House; on Apr. 17, 2024, bill passed in House.
On Apr. 18, 2024, bill introduced in Senate; on May 15, 2024, bill passed in Senate.
Effectiveness
Once enacted, bill provisions take effect on Jan. 1, 2026.
Jul. 2024 ILL LEG Reported Approved
On Jul. 19, 2024, ILL LEG reported governor signed HB 4719 as Public Act 103-0681.
