Illinois General Assembly - Full Text of HB2778

LRB104 08777 LNS 18831 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2778

Introduced 2/6/2025, by Rep. Stephanie A. Kifowit

SYNOPSIS AS INTRODUCED:

110 ILCS 205/9.45 new

Amends the Board of Higher Education Act. Provides that, subject to appropriation, the Board of Higher Education shall award a grant to a statewide association of public pension funds affiliated with a public institution of higher education to develop and deliver an in-person financial literacy training program for public employees. Provides that the program shall consist of in-person training regarding retirement income, including pension benefits, Social Security benefits, and employer-sponsored deferred compensation and retiree healthcare savings plans and shall also include instruction in financial planning and important elements of consumer finance, such as debt, educational savings, budgeting, and related subjects. Provides that the program shall include recorded programs to assist public employees who work on nontraditional shift assignments.

A BILL FOR

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 9.45 as follows:

(110 ILCS 205/9.45 new)

Sec. 9.45. 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 a 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.