HB3349eng 103RD GENERAL ASSEMBLY

HB3349 Engrossed LRB103 29932 RPS 56347 b

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Board of Higher Education Act is amended by adding Section 9.43 as follows:

(110 ILCS 205/9.43 new)

Sec. 9.43. Financial literacy training program for public employees.

(a) The General Assembly finds that financial literacy for public employees is a statewide goal and that improved financial literacy benefits the public employee, the public retiree, and the agencies that deliver public services by supporting a stable workforce and the economy of the State.

(b) Subject to appropriation, the Board of Higher Education shall award a grant to a statewide association of public pension funds affiliated with public institution of higher education to develop and deliver an in-person financial literacy training program for public employees.

(c) The program shall consist of in-person training regarding retirement income, including pension benefits, Social Security benefits, and employer-sponsored deferred compensation and retiree health care savings plans. The program shall also include instruction in financial planning and important elements of consumer finance, such as debt, educational savings, budgeting, and related subjects. In addition to in-person instruction, the program shall include recorded programs to assist public employees who work on nontraditional shift assignments.