HB0117 Summary

• Removes age requirement for employee eligibility, allowing employees under 18 to participate in the Illinois Secure Choice Savings Program.

• Changes employer eligibility threshold from fewer than 25 employees to at least 5 employees, with enrollment deadlines of September 1, 2022 for employers with 15-25 employees and September 1, 2023 for employers with 5-15 employees.

• Establishes automatic annual contribution rate increases up to a maximum of 10% of wages, with default rate between 3-6%.

• Adds requirement for the Board to verify employee eligibility for auto-enrollment and reject enrollees under 18 years of age.

• Modifies penalty structure to impose $250 per employee for first year of noncompliance and $500 per employee for subsequent years, with extended protest and assessment timelines from 90 to 120 days.