Illinois § 55

§ 55.

Employer and employee information packets and disclosure forms. (a) Prior to the opening of the Program for enrollment, the Board shall design and disseminate to all employers an employer information packet and an employee information packet, which shall include background information on the Program, appropriate disclosures for employees, and information regarding the vendor Internet website described in subsection (i) of Section 60 of this Act. (b) The Board shall provide for the contents of both the employee information packet and the employer information packet. (c) The employee information packet shall include a disclosure form. The disclosure form shall explain, but not be limited to, all of the following: (1) the benefits and risks associated with making contributions to the Program; (2) the mechanics of how to make contributions to the Program; (3) how to opt out of the Program; (4) how to participate in the Program with a level of employee contributions other than the default contribution rate; (5) the process for withdrawal of retirement savings; (6) how to obtain additional information about the Program; (7) that employees seeking financial advice should contact financial advisors, that participating employers are not in a position to provide financial advice, and that participating employers are not liable for decisions employees make pursuant to this Act; (8) that the Program is not an employer-sponsored retirement plan; and (9) that the Program Fund is not guaranteed by the State. (d) The employee information packet shall also include a form for an employee to note his or her decision to opt out of participation in the Program and information on how to participate with a custom contribution rate. (e) Participating employers shall supply the employee information packet to employees upon launch of the Program. Participating employers shall supply the employee information packet to new employees at the time of hiring, and new employees may opt out of participation in the Program or elect to participate with a level of employee contributions other than the default contribution rate at that time. (Source: P.A. 104-100, eff. 8-1-25.)