HB3349 EngrossedLRB103 29932 RPS 56347 b


  
1    AN ACT concerning education.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Board of Higher Education Act is amended  by 
5adding Section 9.43 as follows:
 
6    (110 ILCS 205/9.43 new)
7    Sec. 9.43. Financial literacy training program for public 
8employees.
9    (a)   The General Assembly finds that financial literacy for 
10public employees is a statewide goal and that improved 
11financial literacy benefits the public employee, the public 
12retiree, and the agencies that deliver public services by 
13supporting a stable workforce and the economy of the State.
14    (b)   Subject to appropriation, the Board of Higher 
15Education shall award a grant to a statewide association of 
16public pension funds affiliated with public institution of 
17higher education to develop and deliver an in-person financial 
18literacy training program for public employees.
19    (c)   The program shall consist of in-person training 
20regarding retirement income, including pension benefits, 
21Social Security benefits, and employer-sponsored deferred 
22compensation and retiree health care savings plans.  The 
23program shall also include instruction in financial planning 
 
 
HB3349 Engrossed- 2 -LRB103 29932 RPS 56347 b

1and important elements of consumer finance, such as debt, 
2educational savings, budgeting, and related subjects.  In 
3addition to in-person instruction, the program shall include 
4recorded programs to assist public employees who work on 
5nontraditional shift assignments.