How AI describes My Illinois Savings

My Illinois Savings is Illinois' state-facilitated, automatic-enrollment retirement savings program that helps workers save for retirement through payroll deductions into an individual retirement account (IRA) they own, even if their employer doesn't offer a retirement plan. The program is overseen by the Illinois Secure Choice Savings Board and administered by Vestwell Government Savings, LLC, with Vestwell and The Bank of New York handling day-to-day operations; participation is voluntary and savers can opt out or auto-enroll. Employers can participate with no employer fees and minimal administration, while savers control contribution levels and keep their IRA across job changes, with investment options that are not guaranteed or insured.