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Illinois Lawmakers Consider Expanding Mandatory Retirement Savings Program To Small Employers | SmithAmundsen LLC

To embed, copy and paste the code into your website or blog: The Illinois General Assembly is considering a bill (H.B. 117) that would make several amendments to the Illinois Secure Choice Savings Program Act, including extending the requirement to offer employees a retirement savings plan to employers with 5 to 24 employees. H.B. 117 was passed by the Illinois House of Representatives earlier this month and is currently pending in the Illinois Senate. Currently, Illinois employers that have 25 or more employees and have been in business at least two years are required to participate in the state-run Illinois Secure Choice Savings Program (Secure Choice Program) or offer another qualifying retirement savings plan to employees. H.B. 117 would lower the threshold to employers with 5 or more employees.

Retirement Planning for All Ages

20 Apr 2021 With the average life expectancy 30 years longer today than it was 100 years ago, saving adequate funds to live comfortably through a long retirement has become more challenging. Consider the following four snapshots of typical families in their 20s, 30s, 40s, and 50s. Compare their stories to your own to determine whether you re on track to retire with financial security. 20s: Matt, working with wedding bells on the way . When Matt graduated from college, saving money was the last thing on his mind. But now that he s about to tie the knot, Matt is taking a careful look at his finances.

8 Commonly Missed Tax Deductions

8 Commonly Missed Tax Deductions
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