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90_SB0878ham001
LRB9003362THpkam01
1 AMENDMENT TO SENATE BILL 878
2 AMENDMENT NO. . Amend Senate Bill 878 on page 2,
3 line 20, by inserting immediately before the period the
4 following:
5 "and whose students also are eligible to receive benefits
6 under Section 529(a) of the Internal Revenue Code of 1986, as
7 specified by the federal Small Business Act of 1996 and
8 subsequent amendments to this federal law"; and
9 on page 3, by deleting lines 27 and 28 and inserting in lieu
10 thereof the following:
11 ""Panel" means the advisory panel created under Section
12 20."; and
13 on page 4, by replacing line 1 with "Commission."; and
14 on page 4, line 2, by deleting "Board."; and
15 on page 4, line 13, by replacing "year of" with "start-up
16 period for"; and
17 on page 4, by deleting lines 18 through 33; and
18 on page 5, by deleting lines 1 through 26 and inserting in
19 lieu thereof the following:
20 "Section 20. Advisory Panel. The Illinois prepaid
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1 tuition program shall be administered by the Illinois Student
2 Assistance Commission, with advice and counsel from an
3 advisory panel appointed by the Commission. The Illinois
4 prepaid tuition program shall be administratively housed
5 within the Commission, and the advisory panel shall have such
6 duties as are specified in this Act.
7 The advisory panel shall consist of 7 members who are
8 appointed by the Commission, including one recommended by the
9 State Treasurer, one recommended by the State Comptroller,
10 one recommended by the Director of the Bureau of the Budget,
11 and one recommended by the Executive Director of the Board of
12 Higher Education. Each panel member shall possess knowledge,
13 skill, and experience in at least one of the following areas
14 of expertise: accounting, actuarial practice, risk
15 management, or investment management. Members shall serve
16 3-year terms except that, in making the initial appointments,
17 the Commission shall appoint 2 members to serve for 2 years,
18 2 members to serve for 3 years, and 3 members to serve for 4
19 years. Any person appointed to fill a vacancy on the panel
20 shall be appointed in a like manner and shall serve for only
21 the unexpired term. Advisory panel members shall be eligible
22 for reappointment and shall serve until a successor is
23 appointed and confirmed. Panel members shall serve without
24 compensation but shall be reimbursed for expenses. Before
25 being installed as a member of the advisory panel, each
26 nominee shall file verified written statements of economic
27 interest with the Secretary of State as required by the
28 Illinois Governmental Ethics Act and with the Board of Ethics
29 as required by Executive Order of the Governor.
30 The advisory panel shall meet at least twice annually.
31 At least once each year the Commission Chairman shall
32 designate a time and place at which the advisory panel shall
33 meet publicly with the Illinois Student Assistance Commission
34 to discuss issues and concerns relating to the Illinois
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1 prepaid tuition program."; and
2 on page 6, line 3, by replacing "Board" with "Commission";
3 and
4 on page 7, by replacing lines 5 and 6 with the following:
5 "Section 30. Advisory Panel duties and responsibilities.
6 (a) Advice and review. The panel shall offer advice and
7 counseling regarding"; and
8 on page 7, by deleting lines 10 through 15 and inserting in
9 lieu thereof the following:
10 "program. The panel is required to annually review and
11 advise the Commission on provisions of the strategic
12 investment plan for the prepaid tuition program. The panel
13 is also charged with reviewing and advising the Commission
14 with regard to the annual report that describes the current
15 financial condition of the program. The panel at its own
16 discretion also may advise the Commission on other aspects of
17 the program."; and
18 on page 7, by deleting lines 16 through 29; and
19 on page 7, by replacing lines 30 and 31 with the following:
20 "(b) Investment plan. The Commission annually shall
21 adopt a comprehensive investment plan"; and
22 on page 8, line 14, by inserting "of the Commission" before
23 the period; and
24 on page 8, by replacing line 23 with the following:
25 "(c) Program management. The Commission"; and
26 on page 8, lines 24 and 27, by replacing "their" each time it
27 appears with "its"; and
28 on page 8, by replacing line 30 with the following:
29 "contained herein shall preclude the Commission"; and
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1 on page 8, line 31, by deleting "Board"; and
2 on page 8, line 32, by replacing "Board" with "Commission";
3 and
4 on page 9, line 1, by replacing "(4)" with "(d)"; and
5 on page 9, line 2, by deleting ", for approval by the
6 Board,"; and
7 on page 9, line 8, by deleting ", after"; and
8 on page 9, line 9, by deleting "receiving Board approval,";
9 and
10 on page 9, line 18, by replacing "(5)" with "(e)"; and
11 on page 9, line 20, by replacing "Board" with "Commission";
12 and
13 on page 9, line 21, by deleting ", for submission to the
14 Board,"; and
15 on page 9, lines 30 and 33, by replacing "Director" each time
16 it appears with "Director of the Commission"; and
17 on page 10, line 1, by deleting "the Board nor"; and
18 on page 10, line 3, by replacing "(6)" with "(f)"; and
19 on page 10, line 5, by deleting "the Board,"; and
20 on page 10, line 16, by replacing "Board" with "Commission";
21 and
22 on page 10, line 31, by deleting "the Board,"; and
23 on page 11, by replacing lines 12 through 16 with the
24 following:
25 "(b) The Commission from time to time shall direct the
26 State Treasurer to invest moneys in the Illinois Prepaid
27 Tuition Trust Fund that are not needed for immediate
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1 disbursement, in accordance with provisions of the investment
2 plan approved by the Commission."; and
3 on page 11, line 17, by replacing "Director" with "Director
4 of the Commission"; and
5 on page 11, by replacing line 28 with the following:
6 "Commission, the Executive Director of the Commission, and
7 the State"; and
8 on page 11, line 31, by replacing "in" with "in a separate
9 document submitted concurrent with"; and
10 on page 12, line 2, by replacing "in" with "in a separate
11 document submitted concurrent with"; and
12 on page 12, by replacing line 10 with the following:
13 "During the first 18 months of operation of the
14 Illinois"; and
15 on page 12, line 14, by inserting after the period the
16 following:
17 "This appropriation constitutes a loan that shall be repaid
18 to the General Revenue Fund within 5 years by the Commission
19 from prepaid tuition program contributions."; and
20 on page 13, line 6, by deleting "Board and the"; and
21 on page 13, line 7, by replacing "determine" with
22 "determines"; and
23 on page 16, line 14, by replacing "a" with "a grant or"; and
24 on page 18, by deleting lines 21 through 29; and
25 on page 20, line 2, by replacing "contract" with "contract.";
26 and
27 on page 20, by deleting lines 3 and 4; and
28 on page 20, line 5, by deleting "the beneficiary is
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1 enrolled."; and
2 on page 20, line 16, by inserting after the period the
3 following:
4 "Institutional eligibility for out-of-state colleges and
5 universities shall be determined by the Commission, but in
6 making those determinations the Commission shall recognize
7 that the benefits of an Illinois prepaid tuition contract may
8 not be used at any postsecondary educational institution that
9 is both operated for-profit and located outside of
10 Illinois."; and
11 on page 20, by replacing lines 22 through 24 with the
12 following:
13 "purchased under the contract. The Commission"; and
14 on page 21, line 22, by replacing "enrolled" with "enrolled
15 or to another state or federal agency, for purposes that the
16 Commission deems appropriate, in accordance with applicable
17 state and federal law"; and
18 on page 21, line 23, by replacing "institution" with
19 "institution or agency"; and
20 on page 22, line 9, by replacing "Board" with "Commission".