Ill. Admin. Code tit. 74, § 721.530 – Limits on Investment and Direction | Midpage
§ 721.530
Ill. Admin. Code tit. 74, § 721.530
Limits on Investment and Direction
AUTHORITY: Implementing and authorized by Section 90 of the Illinois Secure Choice Savings Program Act [820 ILCS 80].TREASURER
a) The Board may set limits on the number of times participants can change the investment options of their contributions or adjust their contribution rate in any calendar year.
b) The Board shall select a default contribution rate for participants within the range of 3% to 6% of a participant's wages.
c) The Board shall select a default investment option for the accounts, in accordance with Section 721.330.