Bill Text: IL HB3349 | 2023-2024 | 103rd General Assembly | Engrossed
Bill Title: Amends the Board of Higher Education Act. Provides that the Board of Higher Education shall award a grant to a statewide association of public pension funds affiliated with a public institution of higher education to develop and deliver an in-person financial literacy training program for public employees. Provides that the program shall consist of in-person training regarding retirement income, including pension benefits, Social Security benefits, and employer-sponsored deferred compensation and retiree healthcare savings plans and shall also include instruction in financial planning and important elements of consumer finance, such as debt, educational savings, budgeting, and related subjects. Provides that the program shall include recorded programs to assist public employees who work on nontraditional shift assignments.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed) 2023-03-23 - Referred to Assignments [HB3349 Detail]
Download: Illinois-2023-HB3349-Engrossed.html
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| 1 | AN ACT concerning education.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Board of Higher Education Act is amended by | ||||||
| 5 | adding Section 9.43 as follows:
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| 6 | (110 ILCS 205/9.43 new) | ||||||
| 7 | Sec. 9.43. Financial literacy training program for public | ||||||
| 8 | employees. | ||||||
| 9 | (a) The General Assembly finds that financial literacy for | ||||||
| 10 | public employees is a statewide goal and that improved | ||||||
| 11 | financial literacy benefits the public employee, the public | ||||||
| 12 | retiree, and the agencies that deliver public services by | ||||||
| 13 | supporting a stable workforce and the economy of the State. | ||||||
| 14 | (b) Subject to appropriation, the Board of Higher | ||||||
| 15 | Education shall award a grant to a statewide association of | ||||||
| 16 | public pension funds affiliated with public institution of | ||||||
| 17 | higher education to develop and deliver an in-person financial | ||||||
| 18 | literacy training program for public employees. | ||||||
| 19 | (c) The program shall consist of in-person training | ||||||
| 20 | regarding retirement income, including pension benefits, | ||||||
| 21 | Social Security benefits, and employer-sponsored deferred | ||||||
| 22 | compensation and retiree health care savings plans. The | ||||||
| 23 | program shall also include instruction in financial planning | ||||||
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| 1 | and important elements of consumer finance, such as debt, | ||||||
| 2 | educational savings, budgeting, and related subjects. In | ||||||
| 3 | addition to in-person instruction, the program shall include | ||||||
| 4 | recorded programs to assist public employees who work on | ||||||
| 5 | nontraditional shift assignments.
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