B. Have been in business for at least two (2) years.
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1 C. Have not offered to employees a qualified retirement plan, including but not lim ited to, a plan qualified under Internal Revenue Code ("Code") Section 401(a), Section 401(k), Section 403(a), Section 403(b), Section 408(k), Section 408(p) or Section 457{b) of the Code in the previous two (2) years. 4. The retirement savings program ("Program) is an automatic enrollment payroll deduction Roth IRA (Individual Retirement Account) under Code Section 408A. 5. The function of the employer will be limited to providing a payroll withholding option to allow the employee to contribute to the trust fund established under the Program. ~~ 15 Basic lnfonnatlon on Act The Act was effective June 1, The Act requires most employers in Illinois to offer a retirement program or provide employees a payroll deposit retirement savings arrangement provided for by the Act as of July 1, 2017, although this date most likely will be delayed into early The Act applies to Illinois employers who: A. At no time during the previous calendar year employ fewer than 25 employees in Illinois. B. Have been in business for at least two (2) years.
2 3. A "small employer" can participate in the Program if it notifies the Illinois Secure Choice Saving Board established under the Act that it is interested in participating. 4. A "small employer'' is a person or entity engaged in a business, industry, profession or trade, or other enterprise in lllino1s whether for profit or not-for-profit which: 1. The employer cannot contribute to the Program on behalf of employees. 2. The Act does not require the employer to have a separate plan. A. Employed less than 25 employees at any one time in Illinois throughout the previous calendar year, or B. Has been in business less than two (2) years, or C. Has met the requirements of both A and B Under the Program this level of contribution of the employee would be 3% of compensation. However, employees can elect to participate at a different level or opt out of the program. Employer contributions would be invested in a life-cycle fund with a target date based upon the age of the employee. ~ 16
3 ~lfb The Program shall be administered by the Illinois Secure Choice Saving Board ("Board") established under the Act 2. The Board is composed of the State Treasurer, State Controller and the Director of the Management and Budget Office of the Governor and four additional representatives appointed by the Governor 3. The Board shall: A. Appoint a Trustee to the IRA Fund ("Fund") B. Explore and establish investment options
4 MTT~LER CANFiELD 18 millercanf~eld. com C. Make and enter into contracts necessary for the administration of the Program and Fund D. Conduct a review of the performance of any investment vendors every four (4) years 4. Engage an -Investment Manager
5 1. The existence of the Program is contingent on the Program being exempt from the Employee Retirement Income Security Act of 197 4, as amended (ERISA). 2. The U.S. Department of Labor (DOL) finalized regulations in the Fall of 2016 to provide a safe-harbor for State retirement plans; such as, the Illinois Program under which these plans would be exempt from ERISA. 3. The new House of Representatives voted in February 2017, basically along party lines with Republicans in favor and the Democrats against rescinding the safe-harbor exemption of State retirement plans from ERISA. 4. The Senate was going to vote to rescind as well in March, but postponed the vote because it believed there is not enough support to rescind as many State Republican Treasurers and the AARP are fighting against rescision of the DOL safe-harbor. ~ 19
6 MTTJ,RR CANFiELtJ The Senate has until May 17, 2017, under the Congressional Review Act to rescind the DOL safe-harbor. 6. If the DOL safe-harbor is rescinded, it is unclear if the State of Illinois will move forward with the Program. Under the Act, Illinois has to obtain a DOL ruling that the Program is exempt from ERISA. This will be much more difficult to obtain if the DOL safe-harbor is rescinded.
7 Thank you for the opportunity. UNITED STATES a CANADA MEXICO POLAND CHINA ~~
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