HB3349 EngrossedLRB103 29932 RPS 56347 b

1    AN ACT concerning education.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Board of Higher Education Act is amended by
5adding Section 9.43 as follows:
6    (110 ILCS 205/9.43 new)
7    Sec. 9.43. Financial literacy training program for public
9    (a) The General Assembly finds that financial literacy for
10public employees is a statewide goal and that improved
11financial literacy benefits the public employee, the public
12retiree, and the agencies that deliver public services by
13supporting a stable workforce and the economy of the State.
14    (b) Subject to appropriation, the Board of Higher
15Education shall award a grant to a statewide association of
16public pension funds affiliated with public institution of
17higher education to develop and deliver an in-person financial
18literacy training program for public employees.
19    (c) The program shall consist of in-person training
20regarding retirement income, including pension benefits,
21Social Security benefits, and employer-sponsored deferred
22compensation and retiree health care savings plans. The
23program shall also include instruction in financial planning



HB3349 Engrossed- 2 -LRB103 29932 RPS 56347 b

1and important elements of consumer finance, such as debt,
2educational savings, budgeting, and related subjects. In
3addition to in-person instruction, the program shall include
4recorded programs to assist public employees who work on
5nontraditional shift assignments.