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

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CHICAGO, May 6, 2026 /PRNewswire/ -- Illinois State Treasurer Michael Frerichs today 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 is continuing to lead the way in expanding 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 will make it easier for more workers, especially those without access to workplace plans, to build long-term financial security - and we're proud to be part of making that happen."

"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.

What remains unchanged:

• Workers save through automatic payroll deductions into a Roth IRA that they own and control.
• Employers facilitate the program but do not contribute, pay program fees, or have fiduciary responsibility.

"For nearly ten years we have been helping employees and employers. Today we are improving the program by lowering costs and improving the experience for savers," Frerichs said. "Their retirement savings belong to them and will stay with them throughout their careers, even if they change jobs."

Key Dates and Transition Information

The transition will take place from June 11 at 3 p.m. CT through June 14, 2026. During that period, no contributions, withdrawals, or transactions will be processed.

The new system, including employer and saver access, will go live on Monday, June 15, at 8 a.m. CT. Key dates for 2026:

• April 30 – Last day to add new employees in the current system
• June 5 – Last day to submit payroll contributions in the current system
• June 11 (3 p.m. CT) – Blackout period begins
• June 15 (8 a.m. CT) – New system goes live

Saver accounts and investment selections will automatically be transferred to the new system. After launch, employers and savers will need to retrieve their accounts through the new portal to view balances, update information, and manage payroll contributions.

• More information is available at: www.ilsecurechoice.com/home/conversion 

About Illinois Secure Choice / My Illinois Savings

My Illinois Savings, formerly Illinois Secure Choice, is a state-facilitated retirement savings program for private-sector workers. It offers an individual retirement account, or IRA, for people who do not have access to a retirement plan through work, are self-employed, or want a simple way to save on their own.

Workers can save through payroll deduction or self-funding, helping them prepare for retirement.

Workers do not need to enroll through an employer to participate. Someone who is self-employed, freelance, or whose employer is not registered with the program can open an account if they are otherwise eligible to open an IRA.

Participants can change their contribution rate, choose investment options, or opt out at any time. Employers do not contribute to employee accounts, do not pay program fees, and are not responsible for managing the program.

Since launching in 2018, My Illinois Savings has helped expand access to retirement savings across Illinois.

Quick Facts

• 170,151 Illinois workers have enrolled in the program 
• $339 million+ saved for retirement by Illinois workers 
• 25,000+ employers registered across the state 
• 102 of 102 Illinois counties are represented in the program 

About the Illinois State Treasurer

The Illinois State Treasurer's Office is a powerful economic engine that invests in people to drive prosperity, development, and growth throughout the state. As State Treasurer, Michael Frerichs (FRAIR'iks) is the state's Chief Investment and Banking Officer and actively manages approximately $60 billion. The investments help families pay for college and trade school; workers save for a dignified retirement; and local governments process bill payments more efficiently so they can pass along the savings to taxpayers. The office provides financial institutions with money to loan to farmers, small business owners, and qualified individuals at below-market rates because better jobs create stronger communities. The office operates the state's largest consumer-protection initiative, the Missing Money I Cash program, which has returned a record-breaking $2.5 billion since Frerichs was elected.

For more news about the State Treasurer's Office, please sign up for our Treasurer's Note Newsletter here. Follow Treasurer Frerichs on YouTube at @TreasurerMichaelFrerichs, Instagram at IL Treasurer, Threads @iltreasurer, LinkedIn, and on Facebook at Invested in You – Treasurer Michael Frerichs.

About Vestwell

Vestwell is the backbone of the modern savings economy. Founded in 2016, Vestwell is a financial technology company that makes it easier for more Americans to save for life's most important moments, from retirement to education and healthcare.

Vestwell powers workplace retirement plans and state-facilitated savings programs, including 13 of the 15 active state Auto IRA programs in the market. That represents more than 90% of live Auto IRA programs nationally.

Through its platform, Vestwell helps remove traditional barriers to saving by making savings programs more accessible, efficient, and approachable. The company provides a comprehensive suite of workplace savings solutions, including retirement plans, student loan repayment benefits, and specialized accounts for education, emergencies, and disability savings.

Trusted by financial advisers, employers, payroll providers, financial institutions, and government agencies, Vestwell is committed to closing the savings gap and supporting a more secure financial future for all.

For more information, visit www.vestwell.com.

SOURCE Office of the Illinois State Treasurer