IL SB1441

Amends the Illinois Secure Choice Savings Program Act to clarify that enrollee accounts are Individual Retirement Accounts (IRAs) owned by the enrollee, with separate accounts for each participant that are portable across multiple employers

Allows enrollees to have both a Roth IRA and a Traditional IRA through the Program simultaneously

Changes employer enrollment requirements to automatically enroll employees who have been employed for 120 days or more, with new employees enrolled no later than 120 days after hire date

Requires the Board to assess feasibility of agreements with other governmental entities, including other states, to achieve greater economies of scale through shared resources

Modifies penalty provisions so employers face penalties ($250 per employee for first year, $500 for subsequent years of noncompliance) only if they fail to enroll employees AND fail to remit their contributions