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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.
- Created for workers lacking employer-sponsored options, the initiative supports more than 170,000 participants across all 102 Illinois counties, with workers saving more than $300 million to date.
- Management transitions to Vestwell on June 15, 2026, introducing a mobile app and automated payroll integrations for employers through providers including Gusto, Paychex, and QuickBooks Online.
- AARP Illinois, representing 1.7 million members, welcomed the changes, while Robb Hendrickson, co-founder of Green Paws Chicago, noted 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.
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Leaning Left1Leaning Right1Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
13%
C 75%
12%
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