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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. [13] In August 2018, it was announced that Ascensus would administer California's retirement savings program, CalSavers. [14]
The College Savings Plans Network honored Frerichs with its Distinguished Service Award in 2022. [24] In November 2018, Treasurer Frerichs launched Secure Choice, a retirement savings program that will benefit an estimated 1.2 million private-sector workers in Illinois who do not have access to an employer-sponsored retirement plan.
The SECURE Act is estimated to cost $15.7 billion. It is primarily funded through a change to "stretch" IRAs. In the past, non-spouse beneficiaries who inherit IRAs could spread disbursements from the IRA over their lifetime. Under the SECURE Act, disbursements must be collected and taxed within 10 years of the original account holder's death. [8]
The retirement savings legislation, also known as SECURE Act 2.0, expands on the original SECURE Act and includes provisions to boost the required minimum distribution (RMD) age from 72 to 75 over ...
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The Treasurer is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Treasurer must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least three years preceding the election.
An Act to provide for reconciliation pursuant to section 2 of the first current resolution on the budget for fiscal year 1986: Acronyms (colloquial) COBRA: Announced in: the 99th United States Congress: Citations; Public law: 99-272: Statutes at Large: 100 Stat. 82: Codification; Acts affected: Employee Retirement Income Security Act of 1974 ...
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