Ill. Admin. Code tit. 74, § 721.430 - Opt Out Procedures
a) Employees who
do not wish to participate in the Program will be given an opportunity to opt
out before any payroll deduction contribution is made. The Board shall ensure
that an employee has a minimum of 30 days to opt out of the Program from the
time he or she is notified that the employer has facilitated the employee's
enrollment before an IRA is established and the first payroll deduction is
made.
b) The program administrator
shall provide employees with a number of opt out methods, including
electronically and by phone.
c) Any
employee who does not opt out of the Program within the 30-day period described
in subsection (a) will be automatically enrolled in the Program, and an IRA
will be established for that employee pursuant to Section 721.410(g).
d) Any employee who is enrolled in the
Program can cease participation and revoke his or her Roth IRA during the
account revocation period.
e)
Employees can opt out after the account revocation period at any time by giving
notice to the program administrator, and participants may cease making
contributions to their accounts at any time by giving notice to the program
administrator. After receiving notice, the program administrator shall notify
the employer to cease payroll deductions for the participants. Employers shall
cease payroll deductions as soon as administratively feasible, not to exceed 30
days following receipt of the notification from the administrator.
f) Employees who opt out of the Program may
enroll at any time by following the Program's enrollment procedures. Following
notification of the employee's intent to enroll, employers shall enroll
employees as soon as administratively feasible, not to exceed 30 days following
receipt of the notification.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.