IL HB1435

Accounts under the Illinois Secure Choice Savings Program are designated as IRAs owned by individual enrollees, with each enrollee having a separate account that is portable across multiple employers throughout their lifetime

Enrollees may maintain both a Roth IRA and a Traditional IRA through the Program

The Illinois Secure Choice Savings Board must assess feasibility of agreements with other states and governmental entities to achieve greater economies of scale through shared resources, and may enter such agreements if beneficial

Employer penalties for noncompliance now require both failure to enroll employees AND failure to remit contributions (previously, failure to enroll alone triggered penalties of $250 per employee for first year, $500 per employee for subsequent years)

Employee information packets must include forms for opting out and information on selecting custom contribution rates, with simplified language replacing previous references to "level of employee contributions other than the default"