Illinois Has Mandatory Roth IRAs in 2017

Under legislation signed into law on January 4, 2015, certain employers in Illinois are required to automatically enroll their employees in Roth IRA retirement savings accounts.  Illinois is the first state to enact such legislation.  The legislation (S.B. 2758), which becomes effective June 1, 2017 is known as the Secure Choice Savings Program, applies to employers with 25 or more employees in Illinois who have been in business for at least two years and who do not offer qualified retirement plans such as a 401(k) or 403(b).

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