Bill Text: IL SR0922 | 2021-2022 | 102nd General Assembly | Introduced


Bill Title: Declares May 29, 2022 as College Savings Day in the State of Illinois to help raise awareness of the escalating costs of higher education and the importance of saving for college with the help of 529 College Savings Plans.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2022-04-09 - Resolution Adopted [SR0922 Detail]

Download: Illinois-2021-SR0922-Introduced.html


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1
SENATE RESOLUTION
2 WHEREAS, 529 College Savings Plans are important tools for
3Illinois families who want to save for their children's
4college education; they offer a diverse range of investment
5options, tax-deferred growth, and withdrawals free of state
6and federal taxes when those withdrawals are used for
7qualified higher education expenses such as tuition, fees,
8books, certain room and board costs, computer equipment, and
9required supplies; and
10 WHEREAS, The enactment of Section 529 of the Internal
11Revenue Code by Congress in 1996 allowed states to create
12Qualified Tuition Programs; and
13 WHEREAS, The Office of the Illinois State Treasurer serves
14as the trustee and administrator for Illinois 529 College
15Savings Plans; and
16 WHEREAS, The Bright Start and Bright Directions College
17Savings Plans, established in Illinois in 2000 and 2005
18respectively, were created to assist Illinois families with
19financing the costs associated with a college education; and
20 WHEREAS, Today, more than 800,000 Bright Start and Bright
21Directions accounts have been created, and over $16 billion

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1has been saved for higher education expenses; and
2 WHEREAS, The Bright Start and Bright Directions College
3Savings Plans have helped families meet their higher education
4goals with approximately $1 billion withdrawn annually for
5qualified higher education expenses at colleges and
6universities in Illinois and throughout the United States; and
7 WHEREAS, In 2021, Morningstar announced that the Bright
8Start 529 College Savings Plan earned a gold rating for the
9fifth year in a row, making it one of only three 529 plans in
10the country to be rated gold by Morningstar and one of only two
11529 plans in the country to have been rated gold each of the
12past five years; and
13 WHEREAS, According to the Federal Reserve Bank of New
14York, student loan debt has now reached $1.6 trillion
15nationally, more than triple the amount owed in 2005; more
16than two million Illinois residents carry student loan debt,
17the average value of which is $29,855; and
18 WHEREAS, In Illinois, the dream of achieving academic and
19professional success is being threatened by increasing tuition
20rates and decreasing financial aid; student loan debt has been
21found to delay home purchases, business start-ups, and other
22major economic investments; and

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1 WHEREAS, Illinois' college savings plans help families
2limit or prevent future student loan debt by helping them save
3for future higher education expenses; and
4 WHEREAS, The investments that families make today pay off
5in the form of an increased earning potential for their
6children in the future, with a college graduate earning an
7average of $1 million more than a high school graduate during
8their career, according to the U.S. Census Bureau; and
9 WHEREAS, May 29th is recognized nationally as 529 College
10Savings Day to help raise awareness across the country about
11the benefits of tax-advantaged college savings plans, known as
12529 College Savings Plans, as important vehicles to save for
13college; therefore, be it
14 RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL
15ASSEMBLY OF THE STATE OF ILLINOIS, that we declare May 29, 2022
16as College Savings Day in the State of Illinois to help raise
17awareness of the escalating costs of higher education and the
18importance of saving for college with the help of 529 College
19Savings Plans; and be it further
20 RESOLVED, That a suitable copy of this resolution be
21presented to the State Treasurer's Office.
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