Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 721 - SECURE CHOICE SAVINGS PROGRAM
Subpart E - ACCOUNTS, INVESTMENTS AND STATEMENTS
Section 721.515 - Automatic-Escalation
Current through Register Vol. 48, No. 12, March 22, 2024
a) Contributions for participants who have been enrolled in the program for at least six months will automatically increase by 1% of an enrollee's wages at the beginning of each subsequent calendar year, up to a maximum of 10% of an enrollee's wages.
b) The program administrator shall notify all eligible enrollees in advance of any automatic contribution increase to allow for enrollees to opt out of automatic escalation or make alternative changes to their contribution rate.
c) The program administrator shall notify employers in advance of any automatic contribution increase for their eligible participant employees, and the employer shall enter the contribution changes into its payroll system as soon as administratively possible, not to exceed 30 days following receipt of the notification.
d) Participants may adjust the rate of their automatic increase, opt in to automatic escalation, or opt out of automatic escalation at any time by notifying the program administrator.
