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|[ Introduced ]||[ Enrolled ]||[ House Amendment 001 ]|
|[ Senate Amendment 001 ]|
91_HB0851eng HB0851 Engrossed LRB9102936PTpk 1 AN ACT to amend the State Treasurer Act by adding Section 2 16.5. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The State Treasurer Act is amended by adding 6 Section 16.5 as follows: 7 (15 ILCS 505/16.5 new) 8 Sec. 16.5. College Savings Fund. The State Treasurer 9 may establish and administer a College Savings Fund to 10 supplement and enhance the investment opportunities otherwise 11 available to Illinois residents seeking to save money to pay 12 the costs of higher education for themselves and their 13 families. The Treasurer, in administering the College 14 Savings Fund, may receive moneys from Illinois residents into 15 the fund, hold the moneys in individual college savings 16 accounts, and invest moneys within the individual college 17 savings accounts on behalf of Illinois residents. 18 The Treasurer may invest individual college savings 19 accounts in the same manner, in the same types of 20 investments, and subject to the same limitations provided for 21 the investment of funds by the Illinois State Board of 22 Investment. The Treasurer shall develop, publish, and 23 implement an investment policy covering the management of the 24 individual college savings accounts within the College 25 Savings Fund. The policy shall be published (i) at least 26 once each year in at least one newspaper of general 27 circulation in both Springfield and Chicago and (ii) each 28 year as part of the audit of the College Savings Fund by the 29 Auditor General that shall be distributed to all 30 participants. The Treasurer shall notify all participants in 31 writing and shall publish in a newspaper of general HB0851 Engrossed -2- LRB9102936PTpk 1 circulation in both Chicago and Springfield any changes to 2 the previously published investment policy at least 30 3 calendar days before implementing the policy. Any investment 4 policy adopted by the Treasurer shall be reviewed and updated 5 if necessary within 90 days following the date that the State 6 Treasurer takes office. 7 The Treasurer may adopt rules as he or she deems 8 necessary for the efficient administration of the College 9 Savings Fund, including specification of minimum and maximum 10 amounts that may be deposited, minimum and maximum periods of 11 time for which deposits may be retained in the fund, and 12 conditions under which penalties will be assessed for refunds 13 of earnings that are not used for qualified higher education 14 expenses. The rules shall provide for the administration 15 expenses of the Fund to be paid from its earnings and for the 16 interest earnings in excess of the expenses to be credited or 17 paid monthly to the several participants in the Fund in a 18 manner that equitably reflects the differing amounts of their 19 respective investments in the Fund and the differing periods 20 of time for which the amounts were in the custody of the 21 Fund. 22 Upon creating a College Savings Fund, the State Treasurer 23 shall give bond with 2 or more sufficient sureties that are 24 payable to and for the benefit of the participants in the 25 College Savings Fund, in the penal sum of $1,000,000, 26 conditioned upon the faithful discharge of his or her duties 27 in relation to the College Savings Fund. 28 Section 99. Effective date. This Act takes effect upon 29 becoming law.
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