Bill Text: IL HB3811 | 2023-2024 | 103rd General Assembly | Engrossed

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Bill Title: Amends the State Treasurer Act. Makes a technical change in a provision concerning the short title.

Spectrum: Moderate Partisan Bill (Democrat 6-1)

Status: (Engrossed) 2023-06-26 - Senate Floor Amendment No. 3 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [HB3811 Detail]

Download: Illinois-2023-HB3811-Engrossed.html

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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Treasurer Act is amended by changing
Sections 16.5 and 16.6 as follows:
(15 ILCS 505/16.5)
Sec. 16.5. College Savings Pool.
(a) Definitions. As used in this Section:
"Account owner" means any person or entity who has opened
an account or to whom ownership of an account has been
transferred, as allowed by the Internal Revenue Code, and who
has authority to withdraw funds, direct withdrawal of funds,
change the designated beneficiary, or otherwise exercise
control over an account in the College Savings Pool.
"Donor" means any person or entity who makes contributions
to an account in the College Savings Pool.
"Designated beneficiary" means any individual designated
as the beneficiary of an account in the College Savings Pool by
an account owner. A designated beneficiary must have a valid
social security number or taxpayer identification number. In
the case of an account established as part of a scholarship
program permitted under Section 529 of the Internal Revenue
Code, the designated beneficiary is any individual receiving

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benefits accumulated in the account as a scholarship.
"Eligible educational institution" means public and
private colleges, junior colleges, graduate schools, and
certain vocational institutions that are described in Section
1001 of the Higher Education Resource and Student Assistance
Chapter of Title 20 of the United States Code (20 U.S.C. 1001)
and that are eligible to participate in Department of
Education student aid programs.
"Member of the family" has the same meaning ascribed to
that term under Section 529 of the Internal Revenue Code.
"Nonqualified withdrawal" means a distribution from an
account other than a distribution that (i) is used for the
qualified expenses of the designated beneficiary; (ii) results
from the beneficiary's death or disability; (iii) is a
rollover to another account in the College Savings Pool; or
(iv) is a rollover to an ABLE account, as defined in Section
16.6 of this Act, or any distribution that, within 60 days
after such distribution, is transferred to an ABLE account of
the designated beneficiary or a member of the family of the
designated beneficiary to the extent that the distribution,
when added to all other contributions made to the ABLE account
for the taxable year, does not exceed the limitation under
Section 529A(b) of the Internal Revenue Code; or (v) is a
rollover to a Roth IRA account to the extent permitted by
Section 529 of the Internal Revenue Code.
"Qualified expenses" means: (i) tuition, fees, and the

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costs of books, supplies, and equipment required for
enrollment or attendance at an eligible educational
institution; (ii) expenses for special needs services, in the
case of a special needs beneficiary, which are incurred in
connection with such enrollment or attendance; (iii) certain
expenses, to the extent they qualify as qualified higher
education expenses under Section 529 of the Internal Revenue
Code, for the purchase of computer or peripheral equipment or
Internet access and related services, if such equipment,
software, or services are to be used primarily by the
beneficiary during any of the years the beneficiary is
enrolled at an eligible educational institution, except that,
such expenses shall not include expenses for computer software
designed for sports, games, or hobbies, unless the software is
predominantly educational in nature; (iv) room and board
expenses incurred while attending an eligible educational
institution at least half-time; (v) expenses for fees, books,
supplies, and equipment required for the participation of a
designated beneficiary in an apprenticeship program registered
and certified with the Secretary of Labor under the National
Apprenticeship Act (29 U.S.C. 50); and (vi) amounts paid as
principal or interest on any qualified education loan of the
designated beneficiary or a sibling of the designated
beneficiary, as allowed under Section 529 of the Internal
Revenue Code. A student shall be considered to be enrolled at
least half-time if the student is enrolled for at least half

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the full-time academic workload for the course of study the
student is pursuing as determined under the standards of the
institution at which the student is enrolled.
(b) Establishment of the Pool. The State Treasurer may
establish and administer the College Savings Pool as a
qualified tuition program under Section 529 of the Internal
Revenue Code. The Pool may consist of one or more college
savings programs. The State Treasurer, in administering the
College Savings Pool, may: (1) receive, hold, and invest
moneys paid into the Pool; and (2) perform any other action he
or she deems necessary to administer the Pool, including any
other actions necessary to ensure that the Pool operates as a
qualified tuition program in accordance with Section 529 of
the Internal Revenue Code.
(c) Administration of the College Savings Pool. The State
Treasurer may delegate duties related to the College Savings
Pool to one or more contractors. The contributions deposited
in the 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; provided that the fees collected by the State Treasurer
in accordance with this Act, scholarship programs administered
by the State Treasurer, and seed funds deposited by the State
Treasurer under Section 16.8 of the Act are State funds.
(c-5) College Savings Pool Account Summaries. The State
Treasurer shall provide a separate accounting for each

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designated beneficiary. 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.
(d) Availability of the College Savings Pool. The State
Treasurer may permit persons, including trustees of trusts and
custodians under a Uniform Transfers to Minors Act or Uniform
Gifts to Minors Act account, and certain legal entities to be
account owners, including as part of a scholarship program,
provided that: (1) an individual, trustee or custodian must
have a valid social security number or taxpayer identification
number, be at least 18 years of age, and have a valid United
States street address; and (2) a legal entity must have a valid
taxpayer identification number and a valid United States
street address. In-state and out-of-state persons, trustees,
custodians, and legal entities may be account owners and
donors, and both in-state and out-of-state individuals may be
designated beneficiaries in the College Savings Pool.
(e) Fees. Any fees, costs, and expenses, including
investment fees and expenses and payments to third parties,
related to the College Savings Pool, shall be paid from the
assets of the College Savings Pool. The State Treasurer shall
establish fees to be imposed on accounts to cover such fees,
costs, and expenses, to the extent not paid directly out of the
investments of the College Savings Pool, and to maintain an

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adequate reserve fund in line with industry standards for
government operated funds. The Treasurer must use his or her
best efforts to keep these fees as low as possible and
consistent with administration of high quality competitive
college savings programs.
(f) Investments in the State. To enhance the safety and
liquidity of the College Savings Pool, to ensure the
diversification of the investment portfolio of the College
Savings Pool, and in an effort to keep investment dollars in
the State of Illinois, the State Treasurer may make a
percentage of each account available for investment in
participating financial institutions doing business in the
State.
(g) Investment policy. The Treasurer shall develop,
publish, and implement an investment policy covering the
investment of the moneys in each of the programs in the College
Savings Pool. The policy shall be published each year as part
of the audit of the College Savings Pool by the Auditor
General, which shall be distributed to all account owners in
such program. The Treasurer shall notify all account owners in
such program in writing, and the Treasurer shall publish in a
newspaper of general circulation in both Chicago and
Springfield, any changes to the previously published
investment policy at least 30 calendar days before
implementing the policy. Any investment policy adopted by the
Treasurer shall be reviewed and updated if necessary within 90

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days following the date that the State Treasurer takes office.
(h) Investment restrictions. An account owner may,
directly or indirectly, direct the investment of his or her
account only as provided in Section 529(b)(4) of the Internal
Revenue Code. Donors and designated beneficiaries, in those
capacities, may not, directly or indirectly, direct the
investment of an account.
(i) Distributions. Distributions from an account in the
College Savings Pool may be used for the designated
beneficiary's qualified expenses, and if not used in that
manner, may be considered a nonqualified withdrawal. Funds
contained in a College Savings Pool account may be rolled over
into:
(1) an eligible ABLE account, as defined in Section
16.6 of this Act to the extent permitted by Section 529 of
the Internal Revenue Code; , or
(2) another qualified tuition program, to the extent
permitted by Section 529 of the Internal Revenue Code; or
(3) a Roth IRA account, to the extent permitted by
Section 529 of the Internal Revenue Code.
Distributions made from the College Savings Pool may be
made directly to the eligible educational institution,
directly to a vendor, in the form of a check payable to both
the designated beneficiary and the institution or vendor,
directly to the designated beneficiary or account owner, or in
any other manner that is permissible under Section 529 of the

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Internal Revenue Code.
(j) Contributions. Contributions to the College Savings
Pool shall be as follows:
(1) Contributions to an account in the College Savings
Pool may be made only in cash.
(2) The Treasurer shall limit the contributions that
may be made to the College Savings Pool on behalf of a
designated beneficiary, as required under Section 529 of
the Internal Revenue Code, to prevent contributions for
the benefit of a designated beneficiary in excess of those
necessary to provide for the qualified expenses of the
designated beneficiary. The Pool shall not permit any
additional contributions to an account as soon as the sum
of (i) the aggregate balance in all accounts in the Pool
for the designated beneficiary and (ii) the aggregate
contributions in the Illinois Prepaid Tuition Program for
the designated beneficiary reaches the specified balance
limit established from time to time by the Treasurer.
(k) Illinois Student Assistance Commission. The Treasurer
and the Illinois Student Assistance Commission shall each
cooperate in providing each other with account information, as
necessary, to prevent contributions in excess of those
necessary to provide for the qualified expenses of the
designated beneficiary, as described in subsection (j).
The Treasurer shall work with the Illinois Student
Assistance Commission to coordinate the marketing of the

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College Savings Pool and the Illinois Prepaid Tuition Program
when considered beneficial by the Treasurer and the Director
of the Illinois Student Assistance Commission.
(l) Prohibition; exemption. No interest in the program, or
any portion thereof, may be used as security for a loan. Moneys
held in an account invested in the College Savings Pool shall
be exempt from all claims of the creditors of the account
owner, donor, or designated beneficiary of that account,
except for the non-exempt College Savings Pool transfers to or
from the account as defined under subsection (j) of Section
12-1001 of the Code of Civil Procedure.
(m) Taxation. The assets of the College Savings Pool and
its income and operation shall be exempt from all taxation by
the State of Illinois and any of its subdivisions. The accrued
earnings on investments in the Pool once disbursed on behalf
of a designated beneficiary shall be similarly exempt from all
taxation by the State of Illinois and its subdivisions, so
long as they are used for qualified expenses. Contributions to
a College Savings Pool account during the taxable year may be
deducted from adjusted gross income as provided in Section 203
of the Illinois Income Tax Act. The provisions of this
paragraph are exempt from Section 250 of the Illinois Income
Tax Act.
(n) Rules. The Treasurer shall adopt rules he or she
considers necessary for the efficient administration of the
College Savings Pool. The rules shall provide whatever

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additional parameters and restrictions are necessary to ensure
that the College Savings Pool meets all the requirements for a
qualified tuition program under Section 529 of the Internal
Revenue Code.
Notice of any proposed amendments to the rules and
regulations shall be provided to all account owners prior to
adoption.
(o) Bond. The State Treasurer shall give bond with at
least one surety, payable to and for the benefit of the account
owners in the College Savings Pool, in the penal sum of
$10,000,000, conditioned upon the faithful discharge of his or
her duties in relation to the College Savings Pool.
(p) The changes made to subsections (c) and (e) of this
Section by Public Act 101-26 are intended to be a restatement
and clarification of existing law.
(Source: P.A. 101-26, eff. 6-21-19; 101-81, eff. 7-12-19;
102-186, eff. 7-30-21.)
(15 ILCS 505/16.6)
Sec. 16.6. ABLE account program.
(a) As used in this Section:
"ABLE account" or "account" means an account established
for the purpose of financing certain qualified expenses of
eligible individuals as specifically provided for in this
Section and authorized by Section 529A of the Internal Revenue
Code.

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"ABLE account plan" or "plan" means the savings account
plan provided for in this Section.
"Account administrator" means the person or entity
selected by the State Treasurer to administer the daily
operations of the ABLE account plan and provide marketing,
recordkeeping, investment management, and other services for
the plan.
"Aggregate account balance" means the amount in an account
on a particular date or the fair market value of an account on
a particular date.
"Beneficiary" or "designated beneficiary" means the ABLE
account owner.
"Contracting state" means a state without a qualified ABLE
program which has entered into a contract with Illinois to
provide residents of the contracting state access to a
qualified ABLE program.
"Designated representative" means a person or entity who
is authorized to act on behalf of a "designated beneficiary".
A designated beneficiary is authorized to act on his or her own
behalf unless the designated beneficiary is a minor or the
designated beneficiary has been adjudicated to have a
disability so that a guardian has been appointed. A designated
representative acts in a fiduciary capacity to the designated
beneficiary. A person or entity seeking to open an ABLE
account on behalf of a designated beneficiary must provide
certification, subject to penalties of perjury, of the basis

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for the person's or entity's authority to act as a designated
representative and that there is no other person or entity
with higher priority to establish the ABLE account under
Section 529A of the Internal Revenue Code and federal
regulations.
"Disability certification" has the meaning given to that
term under Section 529A of the Internal Revenue Code.
"Eligible individual" has the meaning given to that term
under Section 529A of the Internal Revenue Code.
"Internal Revenue Code" means the federal Internal Revenue
Code.
"Participation agreement" means an agreement to
participate in the ABLE account plan between a designated
beneficiary and the State, through its agencies and the State
Treasurer.
"Qualified disability expenses" has the meaning given to
that term under Section 529A of the Internal Revenue Code.
"Qualified withdrawal" or "qualified distribution" means a
withdrawal from an ABLE account to pay the qualified
disability expenses of the beneficiary of the account.
(b) Establishment of the ABLE Program. The "Achieving a
Better Life Experience" or "ABLE" account program is hereby
created and shall be administered by the State Treasurer. The
purpose of the ABLE program is to encourage and assist
individuals and families in saving private funds for the
purpose of supporting individuals with disabilities to

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maintain health, independence, and quality of life, and to
provide secure funding for disability-related expenses on
behalf of designated beneficiaries with disabilities that will
supplement, but not supplant, benefits provided through
private insurance, federal and State medical and disability
insurance, the beneficiary's employment, and other sources.
Under the plan, a person or entity may make contributions to an
ABLE account to meet the qualified disability expenses of the
designated beneficiary of the account. The plan must be
operated as an accounts-type plan that permits saving persons
to save for qualified disability expenses incurred by or on
behalf of an eligible individual.
(c) Promotion of the ABLE Program. The State Treasurer
shall promote awareness of the availability and advantages of
the ABLE account plan as a way to assist individuals and
families in saving private funds for the purpose of supporting
individuals with disabilities.
(d) Availability of the ABLE Program. An ABLE account may
be established under this Section for a designated beneficiary
who is a resident of Illinois, a resident of a contracting
state, or a resident of any other state.
Annual contributions to an ABLE account on behalf of a
beneficiary are subject to the requirements of subsection (b)
of Section 529A of the Internal Revenue Code. No person or
entity may make a contribution to an ABLE account if such a
contribution would result in the aggregate account balance of

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an ABLE account exceeding the account balance limit authorized
under Section 529A of the Internal Revenue Code. The Treasurer
shall review the contribution limit at least annually. A
separate account must be maintained for each beneficiary for
whom contributions are made, and no more than one account
shall be established per beneficiary. If an ABLE account is
established for a designated beneficiary, no account
subsequently established for such beneficiary shall be treated
as an ABLE account. The preceding sentence shall not apply in
the case of an ABLE account established for purposes of a
rollover as permitted under Sections 529 and 529A of the
Internal Revenue Code.
(e) Administration of the ABLE Program. The State
Treasurer shall administer the plan, including accepting and
processing applications, maintaining account records, making
payments, and undertaking any other necessary tasks to
administer the plan, including the appointment of an account
administrator. The State Treasurer may contract with one or
more third parties to carry out some or all of these
administrative duties, including, but not limited to,
providing investment management services, incentives, and
marketing the plan. 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. The State Treasurer may require any

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certifications that he or she deems necessary to implement the
program, including oaths or affirmations made under penalties
of perjury.
(f) Fees. The State Treasurer may establish fees to be
imposed on participants to cover the costs of administration,
recordkeeping, and investment management. The State Treasurer
must use his or her best efforts to keep these fees as low as
possible, consistent with efficient administration.
(g) The Illinois ABLE Accounts Administrative Fund. The
Illinois ABLE Accounts Administrative Fund is created as a
nonappropriated trust fund in the State treasury. The State
Treasurer shall use moneys in the Administrative Fund to cover
administrative expenses incurred under this Section. The
Administrative Fund may receive any grants or other moneys
designated for administrative purposes from the State, or any
unit of federal, state, or local government, or any other
person, firm, partnership, or corporation. Any interest
earnings that are attributable to moneys in the Administrative
Fund must be deposited into the Administrative Fund. Any fees
established by the State Treasurer to cover the costs of
administration, recordkeeping, and investment management shall
be deposited into the Administrative Fund.
Subject to appropriation, the State Treasurer may pay
administrative costs associated with the creation and
management of the plan until sufficient assets are available
in the Administrative Fund for that purpose.

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(h) Privacy. Applications for accounts and other records
obtained or compiled by the Treasurer or the Treasurer's
agents reflecting , designated beneficiary information data,
account information data, or designated representative
information and data on beneficiaries of accounts are
confidential and exempt from disclosure under the Freedom of
Information Act.
(i) Investment Policy. The Treasurer shall prepare and
adopt a written statement of investment policy that includes a
risk management and oversight program which shall be reviewed
annually and posted on the Treasurer's website prior to
implementation. The risk management and oversight program
shall be designed to ensure that an effective risk management
system is in place to monitor the risk levels of the ABLE plan,
to ensure that the risks taken are prudent and properly
managed, to provide an integrated process for overall risk
management, and to assess investment returns as well as risk
to determine if the risks taken are adequately compensated
compared to applicable performance benchmarks and standards.
To enhance the safety and liquidity of ABLE accounts, to
ensure the diversification of the investment portfolio of
accounts, and in an effort to keep investment dollars in the
State, the State Treasurer may make a percentage of each
account available for investment in participating financial
institutions doing business in the State, except that the
accounts may be invested without limit in investment options

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from open-ended investment companies registered under Section
80a of the federal Investment Company Act of 1940. The State
Treasurer may contract with one or more third parties for
investment management, recordkeeping, or other services in
connection with investing the accounts.
(j) Investment restrictions. The State Treasurer shall
ensure that the plan meets the requirements for an ABLE
account under Section 529A of the Internal Revenue Code. The
State Treasurer may request a private letter ruling or rulings
from the Internal Revenue Service and must take any necessary
steps to ensure that the plan qualifies under relevant
provisions of federal law. Notwithstanding the foregoing, any
determination by the Secretary of the Treasury of the United
States that an account was utilized to make non-qualified
distributions shall not result in an ABLE account being
disregarded as a resource.
(k) Contributions. A person or entity may make
contributions to an ABLE account on behalf of a beneficiary.
Contributions to an account made by persons or entities other
than the designated beneficiary become the property of the
designated beneficiary. Contributions to an account shall be
considered as a transfer of assets for fair market value. A
person or entity does not acquire an interest in an ABLE
account by making contributions to an account. A contribution
to any account for a beneficiary must be rejected if the
contribution would cause either the aggregate or annual

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account balance of the account to exceed the limits imposed by
Section 529A of the Internal Revenue Code.
Any change in designated beneficiary must be done in a
manner consistent with Section 529A of the Internal Revenue
Code.
(l) Notice. Notice of any proposed amendments to the rules
and regulations shall be provided to all designated
beneficiaries or their designated representatives prior to
adoption. Amendments to rules and regulations shall apply only
to contributions made after the adoption of the amendment.
Amendments to this Section automatically amend the
participation agreement. Any amendments to the operating
procedures and policies of the plan shall automatically amend
the participation agreement after adoption by the State
Treasurer.
(m) Plan assets. All assets of the plan, including any
contributions to accounts, are held in trust for the exclusive
benefit of the designated beneficiary and shall be considered
spendthrift accounts exempt from all of the designated
beneficiary's creditors. The plan shall provide separate
accounting for each designated beneficiary sufficient to
satisfy the requirements of paragraph (3) of subsection (b) of
Section 529A of the Internal Revenue Code. Assets must be held
in either a state trust fund outside the State treasury, to be
known as the Illinois ABLE plan trust fund, or in accounts with
a third-party provider selected pursuant to this Section.

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Amounts contributed to ABLE accounts shall not be commingled
with State funds and the State shall have no claim to or
against, or interest in, such funds.
Plan assets are not subject to claims by creditors of the
State and are not subject to appropriation by the State.
Payments from the Illinois ABLE account plan shall be made
under this Section.
The assets of ABLE accounts and their income may not be
used as security for a loan.
(n) Taxation. The assets of ABLE accounts and their income
and operation shall be exempt from all taxation by the State of
Illinois and any of its subdivisions to the extent exempt from
federal income taxation. The accrued earnings on investments
in an ABLE account once disbursed on behalf of a designated
beneficiary shall be similarly exempt from all taxation by the
State of Illinois and its subdivisions to the extent exempt
from federal income taxation, so long as they are used for
qualified expenses.
Notwithstanding any other provision of law that requires
consideration of one or more financial circumstances of an
individual, for the purpose of determining eligibility to
receive, or the amount of, any assistance or benefit
authorized by such provision to be provided to or for the
benefit of such individual, any amount, including earnings
thereon, in the ABLE account of such individual, any
contributions to the ABLE account of the individual, and any

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distribution for qualified disability expenses shall be
disregarded for such purpose with respect to any period during
which such individual maintains, makes contributions to, or
receives distributions from such ABLE account.
(o) Distributions. The designated beneficiary or the
designated representative of the designated beneficiary may
make a qualified distribution for the benefit of the
designated beneficiary. Qualified distributions shall be made
for qualified disability expenses allowed pursuant to Section
529A of the Internal Revenue Code. Qualified distributions
must be withdrawn proportionally from contributions and
earnings in a designated beneficiary's account on the date of
distribution as provided in Section 529A of the Internal
Revenue Code. Unless prohibited by federal law, upon the death
of a designated beneficiary, proceeds from an account may be
transferred to the estate of a designated beneficiary, or to
an account for another eligible individual specified by the
designated beneficiary or the estate of the designated
beneficiary, or transferred pursuant to a payable on death
account agreement. A payable on death account agreement may be
executed by the designated beneficiary or a designated
representative who has been granted such power. Upon the death
of a designated beneficiary, prior to distribution of the
balance to the estate, account for another eligible
individual, or transfer pursuant to a payable on death account
agreement, the State Treasurer may require verification that

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the funeral and burial expenses of the designated beneficiary
have been paid. An agency or instrumentality of the State may
not seek payment under subsection (f) of Section 529A of the
federal Internal Revenue Code from the account or its proceeds
for benefits provided to a designated beneficiary.
(p) Rules. The State Treasurer may adopt rules to carry
out the purposes of this Section. The State Treasurer shall
further have the power to issue peremptory rules necessary to
ensure that ABLE accounts meet all of the requirements for a
qualified state ABLE program under Section 529A of the
Internal Revenue Code and any regulations issued by the
Internal Revenue Service.
(q) Name. The ABLE Account Program may also be referred to
as the Senator Scott Bennett ABLE Program.
(Source: P.A. 101-329, eff. 8-9-19; 102-392, eff. 8-16-21;
102-1024, eff. 5-27-22.)