Preemption Questions For Ill. Payroll Deduction IRA Plan
Law360, New York (January 22, 2015, 4:16 PM EST) -- On Dec. 3, 2014, the Illinois Legislature passed the Illinois Secure Choice Savings Program Act, but will not be effective for at least 24 months. The Act requires private sector employers that do not already maintain a retirement plan to enroll their employees in automatic "payroll deposit retirement savings arrangements" and to remit after-tax payroll deductions to a separate trust fund established by a state-run board (Act §15). Illinois thus joins the ranks of several states that have made varying attempts to require private sector employers to make contributions to payroll deduction individual retirement accounts. (See e.g., the California Secure Retirement Savings Trust Act, signed into law by Calif. Gov. Jerry Brown on Sept. 28, 2012.)...
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