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|[ Introduced ]||[ Engrossed ]||[ Enrolled ]|
|[ Senate Amendment 001 ]|
91_HB0851ham001 LRB9102936PTpkam 1 AMENDMENT TO HOUSE BILL 851 2 AMENDMENT NO. . Amend House Bill 851 by replacing 3 the title with the following: 4 "AN ACT to amend the State Treasurer Act by adding 5 Section 16.5."; and 6 by replacing everything after the enacting clause with the 7 following: 8 "Section 5. The State Treasurer Act is amended by adding 9 Section 16.5 as follows: 10 (15 ILCS 505/16.5 new) 11 Sec. 16.5. College Savings Fund. The State Treasurer 12 may establish and administer a College Savings Fund to 13 supplement and enhance the investment opportunities otherwise 14 available to Illinois residents seeking to save money to pay 15 the costs of higher education for themselves and their 16 families. The Treasurer, in administering the College 17 Savings Fund, may receive moneys from Illinois residents into 18 the fund, hold the moneys in individual college savings 19 accounts, and invest moneys within the individual college 20 savings accounts on behalf of Illinois residents. 21 The Treasurer may invest individual college savings -2- LRB9102936PTpkam 1 accounts in the same manner, in the same types of 2 investments, and subject to the same limitations provided for 3 the investment of funds by the Illinois State Board of 4 Investment. The Treasurer shall develop, publish, and 5 implement an investment policy covering the management of the 6 individual college savings accounts within the College 7 Savings Fund. The policy shall be published (i) at least 8 once each year in at least one newspaper of general 9 circulation in both Springfield and Chicago and (ii) each 10 year as part of the audit of the College Savings Fund by the 11 Auditor General that shall be distributed to all 12 participants. The Treasurer shall notify all participants in 13 writing and shall publish in a newspaper of general 14 circulation in both Chicago and Springfield any changes to 15 the previously published investment policy at least 30 16 calendar days before implementing the policy. Any investment 17 policy adopted by the Treasurer shall be reviewed and updated 18 if necessary within 90 days following the date that the State 19 Treasurer takes office. 20 The Treasurer may adopt rules as he or she deems 21 necessary for the efficient administration of the College 22 Savings Fund, including specification of minimum and maximum 23 amounts that may be deposited, minimum and maximum periods of 24 time for which deposits may be retained in the fund, and 25 conditions under which penalties will be assessed for refunds 26 of earnings that are not used for qualified higher education 27 expenses. The rules shall provide for the administration 28 expenses of the Fund to be paid from its earnings and for the 29 interest earnings in excess of the expenses to be credited or 30 paid monthly to the several participants in the Fund in a 31 manner that equitably reflects the differing amounts of their 32 respective investments in the Fund and the differing periods 33 of time for which the amounts were in the custody of the 34 Fund. -3- LRB9102936PTpkam 1 Upon creating a College Savings Fund, the State Treasurer 2 shall give bond with 2 or more sufficient sureties that are 3 payable to and for the benefit of the participants in the 4 College Savings Fund, in the penal sum of $1,000,000, 5 conditioned upon the faithful discharge of his or her duties 6 in relation to the College Savings Fund. 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.".
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