Illinois Secure Choice Assets Up, Registrations and Opt-outs Steady

As 2020 ended, Illinois Secure Choice—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those the CalSavers Retirement Savings Board reported concerning CalSavers’ performance in the fourth quarter of 2020 and for the year. 

Growth 

The Illinois Secure Choice Savings Board reports growth in registrations, number of accounts and assets by year’s end, and during the fourth quarter. The amount and number of withdrawals also grew in December.

By year’s end, the board reports, more than 6,000 employers across the state had registered with the program. 

The board reports the following results in the fourth quarter:

 
Withdrawals

Participants may make withdrawals from their accounts. The amount withdrawn, as well as the number of accounts whose holders made withdrawals, grew in the fourth quarter. 
 

 
Opt-outs

Employees may opt out of participating in Illinois Secure. The board reports that the op-out rate was roughly steady in the fourth quarter, falling slightly from November to December, as it had from October to November.