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Illinois Treasurer Michael Frerichs Relaunches State Retirement Program for Small Businesses with Lower Fees and New Name
The program says 170,151 workers have saved $339 million as it adds a new portal, mobile app and payroll integrations.
- On Wednesday, Illinois State Treasurer Michael Frerichs announced the Illinois Secure Choice Savings Program will be renamed My Illinois Savings in June 2026, featuring lower fees and technology improvements for employers and savers.
- Created for workers lacking employer-sponsored retirement options, the initiative supports more than 170,000 participants across all 102 Illinois counties, with workers saving more than $300 million since its 2018 launch.
- Management transitions to Vestwell on June 15, 2026, introducing a mobile app and automated payroll integrations with providers including Gusto, Paychex, and QuickBooks Online for employer convenience.
- AARP Illinois, representing 1.7 million members, welcomed the changes, while Robb Hendrickson, co-founder of Green Paws Chicago, stated the updates help small businesses manage compliance and provide meaningful employee benefits.
- A system blackout period for contributions and withdrawals begins June 11 at 3 p.m. CT, with the new portal launching on June 15, 2026, at 8 a.m. CT for employer and saver access.
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Total News Sources15
Leaning Left1Leaning Right1Center9Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
C 82%
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