Illinois Administrative Code
Title 86 - REVENUE
Part 950 - SECURE CHOICE SAVINGS PROGRAM ACT
Section 950.150 - Definitions

Universal Citation: 86 IL Admin Code ยง 950.150
Current through Register Vol. 48, No. 38, September 20, 2024

"Department" means the Department of Revenue.

"Employee" means any individual who is employed by an employer and who has wages that are allocable to Illinois during a calendar year under the provisions of Section 304(a)(2)(B) of the Illinois Income Tax Act.

"Employer" means a person or entity engaged in a business, industry, profession, trade, or other enterprise in Illinois, whether for profit or not for profit, that (i) has employed at least 5 employees in the State during every quarter of the previous calendar year, (ii) has been in business at least 2 years, and (iii) has not offered a qualified retirement plan, including, but not limited to, a plan qualified under Section 401(a), Section 401(k), Section 403(a), Section 403(b), Section 408(k), Section 408(p), or Section 457(b) of the Internal Revenue Code of 1986 in the preceding 2 years. (Section 5 of the Act)

The enrollment deadline is November 1, 2022 for employers with more than 15 but fewer than 25 employees and November 1, 2023 for employers with 5 or more employees but no more than 15 employees. (Section 60 of the Act)

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