Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 721 - SECURE CHOICE SAVINGS PROGRAM
Subpart C - ADMINISTRATION
Section 721.300 - Responsibilities of the Board
Current through Register Vol. 48, No. 12, March 22, 2024
The Board is responsible for the administration, management and oversight of the Program. Its responsibilities include, but are not limited to:
a) designing and establishing a Program that is simple, safe, efficient, and in accordance with best practices for retirement savings vehicles;
b) contracting with third party providers such as investment managers, recordkeepers, consultants, auditors, counsel, or other providers as necessary for the administration of the Program;
c) establishing an investment framework and selecting investment funds;
d) establishing the enrollment and contribution processes for participants, including voluntary participation;
e) identifying and contacting employers required to participate in the Program;
f) establishing the default investment option, default contribution rate, automatic-escalation process, and additional investment options, if any;
g) monitoring, replacing and removing investment options;
h) conducting outreach and education to employers and employees;
i) designing and disseminating program materials and information, including employee and employer information packets;
j) providing for the payment of any administrative or investment costs necessary to manage or operate the Program;
k) overseeing and managing the Fund;
l) preparing and adopting a written investment policy statement and risk management and oversight program; and
m) preparing and submitting an annual audit of the Program to the Governor, Comptroller, Treasurer, and Illinois General Assembly.
