Ill. Admin. Code tit. 74 § 721.430

Current through Register Vol. 48, No. 44, November 1, 2024

Section 721.430 - Opt Out Procedures

a) Employees who do not wish to participate in the Program will be given an opportunity to opt out before any payroll deduction contribution is made. The Board shall ensure that an employee has a minimum of 30 days to opt out of the Program from the time he or she is notified that the employer has facilitated the employee's enrollment before an IRA is established and the first payroll deduction is made.

b) The program administrator shall provide employees with a number of opt out methods, including electronically and by phone.

c) Any employee who does not opt out of the Program within the 30-day period described in subsection (a) will be automatically enrolled in the Program, and an IRA will be established for that employee pursuant to Section 721.410(g).

d) Any employee who is enrolled in the Program can cease participation and revoke his or her Roth IRA during the account revocation period.

e) Employees can opt out after the account revocation period at any time by giving notice to the program administrator, and participants may cease making contributions to their accounts at any time by giving notice to the program administrator. After receiving notice, the program administrator shall notify the employer to cease payroll deductions for the participants. Employers shall cease payroll deductions as soon as administratively feasible, not to exceed 30 days following receipt of the notification from the administrator.

f) Employees who opt out of the Program may enroll at any time by following the Program's enrollment procedures. Following notification of the employee's intent to enroll, employers shall enroll employees as soon as administratively feasible, not to exceed 30 days following receipt of the notification.

Ill. Admin. Code tit. 74, § 721.430

Adopted at 42 Ill. Reg. 18457, effective 9/25/2018.

Amended at 44 Ill. Reg. 5444, effective 3/12/2020

Amended at 47 Ill. Reg. 17903, effective 11/16/2023