Illinois has selected Ascensus to manage the state’s Secure Choice retirement program for private sector workers.
Secure Choice retirement programs are being implemented in California, Connecticut, Maryland, Illinois, and Oregon. They mandate that employers of a certain size participate in the state’s individual retirement account program with automatic enrollment. Although administered by the states, these auto-IRA programs typically contract with private firms to manage the investments, run call centers, and process paperwork.
Ascensus, based in suburban Philadelphia, announced July 28 that it will now be managing the program in Illinois in addition to the one in Oregon. Oregon recently launched...
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