IL SB2758

Establishes the Illinois Secure Choice Savings Program, an automatic enrollment payroll deduction IRA (Roth IRA) for private-sector employees to promote retirement savings in a low-cost, portable manner.

Creates a 7-member Illinois Secure Choice Savings Board chaired by the State Treasurer to administer the program, with members including the State Comptroller, Director of Management and Budget, and appointees representing retirement savings experts, employers, and enrollees.

Requires employers with 25+ employees that have been in business for 2+ years and have not offered qualified retirement plans to automatically enroll employees at a default 3% contribution rate, with employees able to opt out or select different contribution levels.

Establishes investment options including a default life-cycle fund and optional conservative, growth, secure return, and annuity funds, with all accounts held in an individually-managed trust outside the State treasury.

Imposes penalties on non-compliant employers of $250 per unenrolled employee annually (escalating to $500 after initial assessment) and requires annual audited financial reports on program operations and enrollee accounts.