Prepare for Employee Retirement Plan Requirements
Illinois requires employers of 16+ employees to provide retirement plans by Nov. 2022, and employers of 5+ employees by Nov. 2023. Be ready! About this eventSession: Prepare for Employee Retirement Plan Requirements for 2022-2023 Registration: FREE for NICNE Members, $25 for General Admission. All employers, including nonprofits or for-profit businesses, are welcome and encouraged to attend.
Session Overview: All Illinois employers in business for 2+ years (including all nonprofit employers) with 5 or more employees will be required to enroll their staff in a retirement plan by November of 2023. Currently, employers with 25 or more employees must be enrolled; by November 2022, employers with 16 or more employees will be required to enroll their staff in a plan, and by November 2023, employers with only FIVE (5) or more employees will need to be in a plan. The penalties for noncompliance are steep. Illinois Secure Choice, a plan run by the state of Illinois is one option, but there are other options that may be better suited for your organization or business. Erna Colborn, Financial Advisor and a Certified Retirement Plan Specialist (CRPS®) will provide an overview of the Illinois Secure Choice program as well as other options for small employer retirement plans. A plan need not be complicated or expensive, and Erna will share the different options every employer has, focusing on the best options available to balance precious resources while attracting mission driven staff.
Intended Audience: This workshop is intended for all employers, including nonprofits and for-profit businesses, who have or will have 16+ employees by November 2022 or 5+ employees by November 2023. The ideal attendees include HR professionals, benefits administrators, executive directors or CEOs, board members, or any other person assisting employers in provision of benefits and compliance. About the Facilitator: Erna Colborn Erna Colborn, AAMS®, CRPS®, ABFP™, Financial Advisor with Edward Jones is a specialist in employer-offered retirement plans for small companies. Her Rockford practice includes all forms of employee retirement plans for larger 401k/403B plans to SEPS and Simples. Prior to joining Edward Jones and pursuing her passion for investing, Erna worked in the nonprofit community for many years. Her last position was serving as CEO of the Alzheimer's Association, Illinois Chapter and as Regional Director for Illinois, Indiana and Kentucky for the Alzheimer's Association. She has been in the nonprofit Executive Director hotseat and understands the need to attract qualified employees in a tight labor market. Erna firmly believes that a decent benefits package, including retirement benefits, helps to attract employees who are mission driven. Her past certifications include CFRE® and PHR®, Professional in Human Resources. Erna has a bachelor's degree from Bradley University and an MBA from Keller Graduate School of Management. Erna also holds the role of board president for NICNE.
|