Illinois Treasurer Michael Frerichs Relaunches State Retirement Program for Small Businesses with Lower Fees and New Name

Illinois State Treasurer Michael Frerichs
Illinois State Treasurer Michael Frerichs

Illinois Treasurer Michael Frerichs Relaunches State Retirement Program for Small Businesses with Lower Fees and New Name

Savers and Employers Encouraged to Claim Accounts in New Online Portal After June 15


 Illinois State Treasurer Michael Frerichs  announced lower fees and technology improvements for employers and savers of the Illinois Secure Choice Savings Program, which will take effect in June 2026.


“A decade ago, too many Illinois workers didn’t have an easy way to save for retirement at work, so we set up a low-cost solution,” Frerichs said. “Now, workers have saved more than $300 million thanks to our Secure Choice retirement program. But we are always looking to improve, and today, we are cutting fees, making it cost less so they can save more.” 


Next month, the Illinois Secure Choice retirement program will become My Illinois Savings. Frerichs’ office facilitates the retirement savings program for private-sector workers. Research has consistently shown that retirement benefits both attract and retain employees. My Illinois Savings gives Illinois private-sector employers an easy way to offer a valuable retirement savings benefit with no charge to their business.


“Today we are helping more than 170,000 workers across all 102 counties save and grow their own money so that they can eventually retire and enjoy their golden years,” Frerichs said.


“As small business owners, we’re pulled in a lot of different directions. At Green Paws Chicago, we’ve been intentional about building a professional W-2 workforce, including giving our employees access to long-term savings and retirement growth.


My Illinois Savings helps us stay compliant, offers a meaningful benefit to our team, and does it without adding to our administrative workload," Robb Hendrickson, Co-founder, Green Paws Chicago.


The improvements come as the program transitions to Vestwell as its new program manager, beginning June 15, 2026. Vestwell, a leading provider of Auto IRA programs, was selected by the Treasurer’s Office through a competitive bidding process and will oversee day-to-day operations, including online account access, contribution processing, customer service, and investment administration.


“During a period of widespread financial anxiety when people are feeling particularly fragile, state programs like My Illinois Savings demonstrate the value of public-private partnerships. By enabling people of modest means to own stocks, savings, and retirement accounts, these programs help build wealth and provide accessible financial resources. While not solving every financial challenge, they make financial security more attainable for Illinoisans,” shared Horacio Mendez, president and CEO of the Woodstock Institute.


“Illinois continues to lead the way and expand access to retirement savings,” said Douglas Magnolia, Chief Revenue Officer & President, Vestwell Government Savings at Vestwell. “State-facilitated programs like My Illinois Savings are critical to closing the retirement savings gap, and these updates make it easier for more workers, especially those at small to mid-size businesses who may not have access to retirement plans, to build long-term financial security.”


“I appreciate that My Illinois Savings makes saving feel simple. My account stays with me if I change jobs, and using a target date retirement fund means I don’t have to manage it day to day. It feels good knowing that a little from each paycheck is in the background and helping me build something for the future,” Katey Prado, Head of Client Experience, Green Paws Chicago


“AARP Illinois, on behalf of its 1.7 million members, was proud to help make My Illinois Savings a reality from the start. This groundbreaking program remains a national model for expanding retirement savings access for workers without traditional options. But with many Illinoisans still not saving and anxious about their financial future, we are committed to ensuring that the program reaches more workers so they can build long-term security with dignity and peace of mind.” Philippe Largent, State Director, AARP Illinois


What Is Changing — and What Remains the Same


Beginning June 15, 2026, Secure Choice will be renamed to My Illinois Savings when the retirement program transitions to a new recordkeeping platform, delivering a more streamlined experience for both employers and savers.


An upgraded employer portal will offer automated payroll deductions and contribution submissions through integrations with some of the country's largest payroll providers, including Gusto, Paychex, and QuickBooks Online. The saving experience will become easier, too. My Illinois Savings will have a new, easy to use online portal and a mobile app. This program transition makes My Illinois Savings one of the lowest-cost Auto IRA programs for savers.  For more information is available at: www.ilsecurechoice.com/home/conversion

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