Bill Status of HB 2837   101st General Assembly

Short Description:  STATE TREASURER-ABLE ACCOUNT

House Sponsors
Rep. Kelly M. Burke-Natalie A. Manley-Frances Ann Hurley-Michelle Mussman-John C. D'Amico

Senate Sponsors
(Sen. Julie A. Morrison, Jennifer Bertino-Tarrant and Antonio Muņoz)


Last Action  View All Actions

DateChamber Action
  6/21/2019HousePublic Act . . . . . . . . . 101-0026

Statutes Amended In Order of Appearance
15 ILCS 505/16.6
755 ILCS 5/11-13from Ch. 110 1/2, par. 11-13
755 ILCS 5/11a-17from Ch. 110 1/2, par. 11a-17
755 ILCS 5/11a-18from Ch. 110 1/2, par. 11a-18

Synopsis As Introduced
Amends the State Treasurer Act. Modifies and reorganizes provisions concerning the ABLE account program. Provides that a designated representative under the program includes, among other persons, the account owner's guardian of the person or any other State-appointed guardian. Provides that the State Treasurer may enter into agreements with other states to either allow Illinois residents to participate in a plan operated by another state or to allow residents of other states to participate in the Illinois ABLE plan. Modifies terms under the Act. Amends the Probate Act of 1975. Modifies provisions concerning duties of a guardian of a minor, duties of a personal guardian, and duties of an estate guardian to allow a specified guardian to, without an order of court, open, maintain, and transfer funds to an ABLE account on behalf of the ward and the ward's dependent children as specified under the ABLE account program. Makes conforming and other changes. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
15 ILCS 505/16.6
755 ILCS 5/11-13
755 ILCS 5/11a-17
755 ILCS 5/11a-18
Adds reference to:
15 ILCS 505/16.5

Replaces everything after the enacting clause. Amends the State Treasurer Act. Provides that the contributions deposited in the College Savings Pool, and any earnings thereon, shall not constitute property of the State or be commingled with State funds and the State shall have no claim to or against, or interest in, such funds; provides that the State Treasurer may collect fees in accordance with the Act. Provides that the State Treasurer shall provide a separate accounting for each designated beneficiary of a College Savings Pool account. Provides that the separate accounting shall be provided to the account owner of the account for the designated beneficiary at least annually and shall show the account balance, the investment in the account, the investment earnings, and the distributions from the account. Provides that the State Treasurer shall establish fees to be imposed on accounts to cover (currently, recover) the costs of administration, recordkeeping, and investment management. Provides that administrative fees, costs, and expenses, including investment fees and expenses, shall be paid from the assets of the College Savings Pool. Removes a provision specifying that, to the extent a nonqualified withdrawal is made from an account, the earnings portion of such distribution may be treated by the Internal Revenue Service as income subject to income tax and a 10% federal penalty tax. Specifies that the Illinois Student Assistance Commission shall provide the Treasurer with an electronic report listing those College Savings Pool account owners who also participate in the Illinois Prepaid Tuition Program (rather than the State's prepaid tuition program). Removes a provision specifying that the Illinois Student Assistance Commission shall be responsible for filing any combined tax reports regarding State qualified savings programs required by the United States Internal Revenue Service. Removes provisions concerning rules for the administration expenses of the College Savings Pool and amendments to rules and regulations. Provides that specified changes made by this amendatory Act are intended to be a restatement and clarification of existing law. Modifies defined terms and references. Makes other changes. Effective immediately.

Senate Floor Amendment No. 2
Restores a provision defining "nonqualified withdrawal".

Actions 
DateChamber Action
  2/14/2019HouseFiled with the Clerk by Rep. Kelly M. Burke
  2/14/2019HouseFirst Reading
  2/14/2019HouseReferred to Rules Committee
  2/26/2019HouseAdded Co-Sponsor Rep. Natalie A. Manley
  3/5/2019HouseAssigned to State Government Administration Committee
  3/7/2019HouseRemoved Co-Sponsor Rep. Natalie A. Manley
  3/7/2019HouseAdded Chief Co-Sponsor Rep. Natalie A. Manley
  3/13/2019HouseDo Pass / Short Debate State Government Administration Committee; 011-000-000
  3/14/2019HousePlaced on Calendar 2nd Reading - Short Debate
  3/19/2019HouseSecond Reading - Short Debate
  3/19/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/28/2019HouseThird Reading - Short Debate - Passed 111-000-000
  3/28/2019HouseAdded Chief Co-Sponsor Rep. Frances Ann Hurley
  3/28/2019HouseAdded Chief Co-Sponsor Rep. Michelle Mussman
  3/28/2019HouseAdded Chief Co-Sponsor Rep. John C. D'Amico
  4/3/2019SenateArrive in Senate
  4/3/2019SenatePlaced on Calendar Order of First Reading
  4/3/2019SenateChief Senate Sponsor Sen. Julie A. Morrison
  4/3/2019SenateFirst Reading
  4/3/2019SenateReferred to Assignments
  4/24/2019SenateAssigned to Financial Institutions
  5/1/2019SenatePostponed - Financial Institutions
  5/2/2019SenateAdded as Alternate Co-Sponsor Sen. Jennifer Bertino-Tarrant
  5/2/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Julie A. Morrison
  5/2/2019SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/7/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  5/7/2019SenateAdded as Alternate Co-Sponsor Sen. Antonio Muņoz
  5/8/2019SenateSenate Committee Amendment No. 1 Adopted
  5/8/2019SenateDo Pass as Amended Financial Institutions; 005-000-000
  5/8/2019SenatePlaced on Calendar Order of 2nd Reading May 9, 2019
  5/14/2019SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Julie A. Morrison
  5/14/2019SenateSenate Floor Amendment No. 2 Referred to Assignments
  5/15/2019SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  5/17/2019SenateSecond Reading
  5/17/2019SenatePlaced on Calendar Order of 3rd Reading May 20, 2019
  5/23/2019SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
  5/23/2019SenateRecalled to Second Reading
  5/23/2019SenateSenate Floor Amendment No. 2 Adopted; Morrison
  5/23/2019SenatePlaced on Calendar Order of 3rd Reading
  5/23/2019SenateThird Reading - Passed; 058-000-000
  5/23/2019HouseArrived in House
  5/23/2019HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1, 2
  5/24/2019HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Kelly M. Burke
  5/24/2019HouseSenate Floor Amendment No. 2 Motion Filed Concur Rep. Kelly M. Burke
  5/24/2019HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/24/2019HouseSenate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/26/2019HouseSenate Committee Amendment No. 1 Motion to Concur Rules Referred to State Government Administration Committee
  5/26/2019HouseSenate Floor Amendment No. 2 Motion to Concur Rules Referred to State Government Administration Committee
  5/27/2019HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted State Government Administration Committee; 010-000-000
  5/27/2019HouseSenate Floor Amendment No. 2 Motion to Concur Recommends Be Adopted State Government Administration Committee; 010-000-000
  5/30/2019HouseSenate Committee Amendment No. 1 House Concurs 116-000-000
  5/30/2019HouseSenate Floor Amendment No. 2 House Concurs 116-000-000
  5/30/2019HouseHouse Concurs
  5/30/2019HousePassed Both Houses
  6/20/2019HouseSent to the Governor
  6/21/2019HouseGovernor Approved
  6/21/2019HouseEffective Date June 21, 2019
  6/21/2019HousePublic Act . . . . . . . . . 101-0026

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