At the beginning of the 2015, Illinois Gov. Pat Quinn signed a law that will require most businesses in the state to adopt a retirement savings plan for employees. According to The Chicago Tribune, the law requires that all businesses that have been operating for at least two years and have at least 25 employees must offer workers an individual retirement savings option by June 2017.
Starting June of this year, businesses will have the option of making arrangements with a private firm, or they can join the state-created Illinois Secure Choice Savings Program, which will be operated by a private firm selected by a board appointed by the governor, the report said. Therefore, it is important that every business employer consult with appropriate legal counsel regarding their situation long before June 2017 to decide their plan of action.
Businesses must update employee handbooks and retirement policies, as well as implement new record keeping practices. Business leaders should anticipate an added administrative burden to keep track of the employees saving options.
This statewide bill is expected to be implemented in business as soon as possible. Fortunately, with the help of these Illinois business lawyers, those who need legal advice can find guidance with the help of innovators like UpCounsel. These business lawyers are able to connect with potential clients in a virtual marketplace compiled of thousands of attorneys across the United states, along with many attorneys in Illinois. They are able to offer much more competitive costs for legal services since they are primarily based online and carry minimal overhead when compared to big law firms. This is an obvious advantage for companies as they adopt new policies and procedures due to the new retirement savings law.
About UpCounsel
UpCounsel helps businesses and entrepreneurs to easily hire great attorneys on-demand that best match their legal needs and budget. By using UpCounsel’s virtual legal marketplace to get advice and compare free proposals from specialized attorneys, businesses save hours of time searching for legal services and reduce their legal costs by 60% on average when compared to expensive law firms. To date, thousands of companies have used UpCounsel to save millions of dollars on legal services.
For more information, please visit: https://www.upcounsel.com
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