Article Submitted by TNJ Retirement Partners
If you’re a business owner in Illinois, you’ve probably heard about the state-mandated Secure Choice program. What many don’t realize is that participation in Secure Choice is mandatory for companies with 5 or more employees, unless the company sponsors its own qualified retirement plan. In other words, you either adopt the state’s one-size-fits-all program or you take control with a plan that truly works for you and your employees.
Secure Choice is designed to be simple, but that simplicity comes with limits. Contributions are capped, employers can’t make matching contributions, and the investment menu is very basic. While it does keep you compliant, it doesn’t give your business a competitive edge or your employees the robust retirement benefit they deserve.
A qualified retirement plan, on the other hand, gives you choices. You decide the plan design, the contribution levels, and the benefit structure. That means you can reward key employees, maximize your own retirement savings, and even offer matching contributions to make your company more attractive to top talent.
There’s also a bottom-line advantage: qualified retirement plans can deliver meaningful tax deductions for both the business and the owners. Secure Choice doesn’t offer that. In many cases, the tax savings from a qualified plan can more than cover the cost of running it.
All things considered, Secure Choice is just compliance. A qualified retirement plan is a business strategy. One is the minimum required by the state. The other is a tool to grow your business, keep great employees, and secure your future.
For more information or to schedule a complimentary consultation, call TNJ Retirement Partners at (708) 813-9672.
About TNJ Retirement Partners: We go beyond the basics—delivering proactive communication, thoughtful plan design, and personalized support. Whether you’re starting a new plan or looking to optimize an existing one, we’re here to help it grow. Visit https://tnj401k.com/ for more information.
