The Freedom to Choose

Providing a retirement plan to Illinois workers is not without its challenges. Factors such as an increasingly complex regulatory environment and greater focus on plan sponsor fiduciary responsibilities present opportunities for a business to partner with a leading provider to administer a hassle-free, stable plan.

Opt-Out of the New Mandated 401K Program launching June 1, 2017.

The Illinois Secure Choice Savings Program Act signed into law in 2015 will go into effect on June 1, 2017. The law requires Illinois businesses who have been in operation for two or more years and employ at least 25 employees to offer all workers an individual retirement savings option. Companies who do not offer a savings plan will automatically be enrolled in the newly created Illinois Secure Choice Savings Program which requires a minimum 3 percent payroll deduction. Participation in the Alliance of State Retail Associations 401k Plan gives Illinois retailers the freedom to enroll their employees in a secure plan without administrative or fiduciary responsibility and without obligation and restrictions from the new law.

IRMA 401K Program

Become Part of Something Bigger & Better

Different sized businesses have their own respective advantages. Larger businesses may have access to more resources, and smaller businesses may be able to adapt to change more quickly.  When you become part of The Alliance of State Retail Associations 401(k) Plan, you get the best of both worlds.

As you look to strike the right balance, you need to be able to:

  • Achieve economies of scale without sacrificing personal attention and service.
  • Meet the savings needs of your workforce without tapping into the resources you need to provide the service excellence your clients appreciate and respect.
  • Continue to focus on and invest in your core business without going over budget on your retirement benefit costs.

The Right Solution for You

When you become part of the plan, you can:

  • Spend less time on the administration of your retirement plan and more time focused your organization’s goals.
  • Provide a high-quality benefit that can help you recruit top-level talent and retaining your current staff.
  • Benefit from an institutional pricing model that may not be available to you as an independent 401(k) plan sponsor.
  • Get expert investment selection and monitoring services from a third party fiduciary investment manager that also takes the responsibility for the quality of the investments.

And even though you become part of a strong, stable plan, you always keep the flexibility to design the features that would work best in your organization.

Are you ready to offer your employees a savings program without the administrative burden, liability, or restrictions within the upcoming state mandate?

Click below to learn more or contact a program representative.