SB1787 Summary

• Amends the Illinois Secure Choice Savings Program Act to allow both Roth and Traditional IRAs as investment vehicles, expanding retirement savings options for eligible employees.

• Modifies the definition of "participating employer" to clarify that employers "facilitate" rather than "provide" payroll deposit arrangements, reducing employer liability.

• Establishes a default contribution rate between 3% to 6% of enrollee wages and requires the Board to conduct investment vendor performance reviews every 4 years with results posted publicly.

• Changes annual financial reporting deadline from July 1 to January 1 and requires reports be provided electronically to General Assembly members upon request.

• Authorizes the Board to enter into agreements with other governmental entities and states to allow out-of-state residents to participate in the Illinois Secure Choice Savings Program.