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Ascensus was chosen to manage Illinois’ retirement savings program, Secure Choice, in July 2017. Secure Choice was launched in phases in 2018 and 2019. The program is expected to cover 1.2 million workers. [12] In August 2018, it was announced that Ascensus would administer California's retirement savings program, CalSavers. [13]
The Unemployment Trust Fund (UTF) is composed of 59 accounts in the United States Treasury related to unemployment insurance program. Specifically, there are 53 state accounts, 4 federal accounts, and 2 accounts in connection with Railroad Retirement Board.
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Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
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