HB4595 - Illinois Secure Choice Savings Program Act

• Establishes an automatic enrollment payroll deduction IRA program to promote retirement savings for private-sector employees in Illinois.

• Creates a 7-member Illinois Secure Choice Savings Board chaired by the State Treasurer to administer the program, with members including state officials and appointees representing employers and enrollees.

• Requires employers with 10+ employees (and allows small employers with fewer than 10 employees) to provide payroll deduction retirement savings arrangements; employees are automatically enrolled at 3% of wages unless they opt out.

• Establishes the Illinois Secure Choice Savings Program Fund to hold individual retirement accounts with investment options including a default target-date life-cycle fund and optional conservative, growth, and secure return funds.

• Imposes penalties on non-compliant employers: $250 per employee per year for failure to enroll, increasing to $500 per employee per year for continued violations; State has no liability for retirement benefits paid under the program.