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Retirement Solutions for Your Small Business | Illinois Secure Choice - SBA/DOL/ISTO - 7/24/2024 What Small Business Owners Need to Know about the IL State Law The U.S. Small Business Administration (SBA) will host this free webinar where The U.S. Department of Labor (DOL) and the Illinois State Treasurer's Office (ISTO) will team up to provide information and offer solutions to small business owners about current IL State Laws regarding retirement plans for employees. Illinois state law now requires that certain private-sector employers offer or contribute to a qualified retirement plan or facilitate employee enrollment in the Illinois Secure Choice retirement savings program. In this session, the ISTO will cover the specifics of the state law and provide an overview of how Illinois Secure Choice works and how easy it is for businesses to facilitate retirement savings for their employees. The DOL will cover various retirement plan options that employers can provide to their employees, focusing on SIMPLE IRA plans and 401(k) plans which are the most common retirement plans, then review the many features of each plan and talk about the employer’s role and responsibilities. The SBA will then provide a brief overview of the resources it provides to small business owners.

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