The Illinois way to 401(k)
Meet the state retirement mandate with an affordable, powerful retirement plan.
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Get a small business 401(k) that gives you more
Simplify your day-to-day
At Guideline, we’ve teamed up with top providers—like Gusto, QuickBooks and Square—to automate plan administration and employee onboarding. We also take care of investments, government filings, and more.
Customize your plan
With a Guideline 401(k), you have more options. Employer matching, profit sharing, vesting schedules, eligibility requirements—you can add these features to fit your business and create a stronger retirement benefit.
Help employees save 3x more
With a 401(k), your employees can contribute more than they could with an IRA. With a Guideline account, they’ll get access to low-cost investments and pay no transaction fees.
Give your employees confidence
We provide 40+ investment options and professionally managed portfolios. We also provide educational webinars, portfolio recommendations, and live support—so your employees can start saving with confidence.
Illinois retirement mandate, explained
The Illinois Secure Choice program was created to encourage more people to save for retirement. It requires employers to provide access to a retirement plan if they have 5-15 Illinois-based employees and have been in operation for at least two years.
As an employer, you can choose the type of plan you’d like to offer: the state-sponsored program or a qualified private plan, like a Guideline 401(k).
Businesses impacted
5-15 employees
Deadline
Nov 1, 2023
Compare a Guideline 401(k) with Illinois Secure Choice
Retirement plan type
401(k)
Roth IRA
Maximum employee contributions for 2023
$22,500
$6,500
Annual employee account fee
0.08%
($8 for every $10,000)
0.60 - 0.73%
($60-$73 for every $10,000)
Monthly employer fee
Starting at $49/month + $8 per active participant
None
Investment options
40+
15
Employer match
Yes
No
Professionally managed portfolios
6
0
Profit sharing
Yes
No
Calculator
Estimate your plan costs
If you’re starting a new 401(k), your small business may be eligible to receive up to $16,500 in tax credits over the plan’s first three years to help offset initial plan costs.
Invest in your business and your people.
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Illinois retirement mandate FAQs
What is the mandate?
Employers who have been in operation for at least 2 years and have 16 or more employees are required to provide access to a retirement plan. The plan can either be a private plan like a 401(k) or the state-sponsored plan.
When does the mandate take effect?
For companies with 16-24 employees, the registration deadline is November 1, 2022.
For companies with 5-15 employees, the registration deadline is November 1, 2023.
For companies with 25+ employees, the deadline has already passed. Enforcement for non-compliant employers with 25 or more employees will begin in early 2023.
Which employers are impacted by the retirement mandate?
For the November 1, 2022 deadline, Employers with 16 or more employees whose business has been in operation for at least 2 years.
Does Guideline satisfy the retirement mandate?
Yes. Guideline's 401(k) plans are designed and priced with small businesses in mind. Starting a Guideline 401(k) satisfies the Illinois retirement mandate.