Full Text of SR0922 102nd General Assembly
SR0922 102ND GENERAL ASSEMBLY |
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| 1 | | SENATE RESOLUTION
| 2 | | WHEREAS, 529 College Savings Plans are important tools for
| 3 | | Illinois families who want to save for their children's
| 4 | | college education; they offer a diverse range of investment
| 5 | | options, tax-deferred growth, and withdrawals free of state
| 6 | | and federal taxes when those withdrawals are used for
| 7 | | qualified higher education expenses such as tuition, fees,
| 8 | | books, certain room and board costs, computer equipment, and
| 9 | | required supplies; and
| 10 | | WHEREAS, The enactment of Section 529 of the Internal
| 11 | | Revenue Code by Congress in 1996 allowed states to create
| 12 | | Qualified Tuition Programs; and
| 13 | | WHEREAS, The Office of the Illinois State Treasurer serves
| 14 | | as the trustee and administrator for Illinois 529 College
| 15 | | Savings Plans; and
| 16 | | WHEREAS, The Bright Start and Bright Directions College
| 17 | | Savings Plans, established in Illinois in 2000 and 2005 | 18 | | respectively, were created to assist Illinois families with | 19 | | financing the
costs associated with a college education; and
| 20 | | WHEREAS, Today, more than 800,000 Bright Start and Bright
| 21 | | Directions accounts have been created, and over $16 billion
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| 1 | | has been saved for higher education expenses; and
| 2 | | WHEREAS, The Bright Start and Bright Directions College
| 3 | | Savings Plans have helped families meet their higher education
| 4 | | goals with approximately $1 billion withdrawn annually for | 5 | | qualified
higher education expenses at colleges and | 6 | | universities in
Illinois and throughout the United States; and
| 7 | | WHEREAS, In 2021, Morningstar announced that the Bright
| 8 | | Start 529 College Savings Plan earned a gold rating for the
| 9 | | fifth year in a row, making it one of only three 529 plans in | 10 | | the country to be rated gold by Morningstar and one of only two | 11 | | 529 plans in the country to have been rated gold each of the | 12 | | past five years; and
| 13 | | WHEREAS, According to the Federal Reserve Bank of New
| 14 | | York, student loan debt has now reached $1.6 trillion
| 15 | | nationally, more than triple the amount owed in 2005; more | 16 | | than two million Illinois residents carry student loan
debt, | 17 | | the average value of which is $29,855; and
| 18 | | WHEREAS, In Illinois, the dream of achieving academic and
| 19 | | professional success is being threatened by increasing tuition
| 20 | | rates and decreasing financial aid; student loan debt has
been | 21 | | found to delay home purchases, business start-ups, and
other | 22 | | major economic investments; and
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| 1 | | WHEREAS, Illinois' college savings plans help families
| 2 | | limit or prevent future student loan debt by helping them save
| 3 | | for future higher education expenses; and
| 4 | | WHEREAS, The investments that families make today pay off
| 5 | | in the form of an increased earning potential for their
| 6 | | children in the future, with a college graduate earning an
| 7 | | average of $1 million more than a high school graduate during
| 8 | | their career, according to the U.S. Census
Bureau; and
| 9 | | WHEREAS, May 29th is recognized nationally as 529 College
| 10 | | Savings Day to help raise awareness across the country about
| 11 | | the benefits of tax-advantaged college savings plans, known as
| 12 | | 529 College Savings Plans, as important vehicles to save for
| 13 | | college; therefore, be it
| 14 | | RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL | 15 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we declare May 29, 2022
| 16 | | as College Savings Day in the State of Illinois to help raise
| 17 | | awareness of the escalating costs of higher education and
the | 18 | | importance of saving for college with the help of 529
College | 19 | | Savings Plans; and be it further
| 20 | | RESOLVED, That a suitable copy of this resolution be
| 21 | | presented to the State Treasurer's Office.
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