Full Text of SR0150 102nd General Assembly
SR0150 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 were established in Illinois in 2000 and 2005 | 18 | | respectively, to assist Illinois families with financing the | 19 | | costs associated with a college education; and | 20 | | WHEREAS, 2021 marks the 25th anniversary of the creation | 21 | | of 529 College Savings Plans in the United States and the 21st |
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| 1 | | anniversary of the establishment of the Bright Start College | 2 | | Savings Plan in Illinois; and
| 3 | | WHEREAS, Today, more than 700,000 Bright Start and Bright | 4 | | Directions accounts have been created, and over $14 billion | 5 | | has been saved for higher education expenses; and | 6 | | WHEREAS, The Bright Start and Bright Directions College | 7 | | Savings Plans have helped families meet their higher education | 8 | | goals with over $900 million withdrawn annually for qualified | 9 | | higher education expenses at colleges and universities in | 10 | | Illinois and throughout the United States; and | 11 | | WHEREAS, In 2020, Morningstar announced that the Bright | 12 | | Start 529 College Savings Plan earned a gold rating for the | 13 | | fourth year in a row, and the Bright Directions Advisor-Sold | 14 | | 529 College Savings Plan earned a bronze medal, the highest | 15 | | honor bestowed on advisor-sold plans; and | 16 | | WHEREAS, According to the Federal Reserve Bank of New | 17 | | York, student loan debt has now reached $1.6 trillion | 18 | | nationally, which is more than triple the amount owed in 2005, | 19 | | and more than 2 million Illinois residents carry student load | 20 | | debt, the average value of which is $29,855; and | 21 | | WHEREAS, In Illinois, the dream of achieving academic and |
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| 1 | | professional success is being threatened by increasing tuition | 2 | | rates and decreasing financial aid, and student load debt has | 3 | | been found to delay home purchases, business start-ups, and | 4 | | other major economic investments; and | 5 | | WHEREAS, Illinois' college savings plans help
families | 6 | | limit or prevent future student loan debt by helping them save | 7 | | for future higher education
expenses; and
| 8 | | WHEREAS, The investments that families make today pay off | 9 | | in the form of an increased earning potential
for their | 10 | | children in the future, with a college graduate earning an | 11 | | average of $1 million more than a high
school graduate during | 12 | | his or her career, according to the United States Census | 13 | | Bureau; and
| 14 | | WHEREAS, May 29th is recognized nationally as 529 College | 15 | | Savings Day to help raise awareness
across the country about | 16 | | the benefits of tax-advantaged college savings plans, known as | 17 | | 529 College Savings Plans, as important vehicles to save for | 18 | | college; therefore, be it
| 19 | | RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL | 20 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we declare May 29, 2021 | 21 | | as College Savings Day in the State of Illinois to help raise | 22 | | awareness about the escalating costs of higher education and |
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| 1 | | the importance of saving for college with the help of 529 | 2 | | college savings plans; and be it further
| 3 | | RESOLVED, That a suitable copy of this resolution be | 4 | | presented to the State Treasurer's Office.
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