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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3349 Introduced 2/17/2023, by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB3349 | | LRB103 29932 RPS 56347 b |
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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) The Board of Higher Education shall award a grant to a |
| 15 | | statewide association of public pension funds affiliated with |
| 16 | | public institution of higher education to develop and deliver |
| 17 | | an in-person financial literacy training program for public |
| 18 | | 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 |