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| Public Act 096-0329 |
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AN ACT concerning children.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Children's Savings Accounts Act is | ||||
amended by changing Sections 15 and 20 as follows: | ||||
(20 ILCS 4065/15)
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Sec. 15. Children's Savings Account Task Force. There is | ||||
hereby created a Children's Savings Account Task Force. The | ||||
purpose of the task force shall be to review and make | ||||
recommendations about children's savings account program | ||||
options and to create a strategic implementation plan to create | ||||
a savings account at birth for every child born in Illinois to | ||||
Illinois residents. The task force shall consist of a maximum | ||||
of 30 members, to be appointed within 60 days after the | ||||
effective date of this Act. One member shall be appointed by | ||||
the President of the Senate, one member appointed by the Senate | ||||
Minority Leader, one member appointed by the Speaker of the | ||||
House, one member appointed by the House Minority Leader, and | ||||
one member representing the Office of the State Treasurer | ||||
appointed by the State Treasurer. All other members shall be | ||||
appointed by the Governor as follows: | ||||
(1) A member of the Governor's leadership staff. | ||||
(2) Public members with an interest in asset building | ||||
in Illinois, including a representative from each of the | ||
following types of organizations or entities: | ||
(A) an operator of an individual development | ||
account or matched savings and financial education | ||
program, or both; | ||
(B) a grassroots organizing entity; | ||
(C) a poverty law center; | ||
(D) a service-based human rights provider | ||
organization; | ||
(E) a business association; | ||
(F) a bankers' professional association; | ||
(G) a child advocacy organization; | ||
(H) a rural economic development entity;
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(I) organized labor; | ||
(J) a bank; | ||
(K) a credit union; and | ||
(L) an investment services provider. | ||
In addition, the following officials shall serve as | ||
ex-officio members of the task force: (i) the State Treasurer | ||
or his or her designee; (ii) the State Superintendent of | ||
Education or his or her designee; (iii) the Secretary of | ||
Financial and Professional Regulation or his or her designee; | ||
(iv) the Director of Commerce and Economic Opportunity or his | ||
or her designee; (v) the Secretary of Human Services or his or | ||
her designee; (vi) the Director of Healthcare and Family | ||
Services or his or her designee; (vii) the Executive Director | ||
of the Board of Higher Education or his or her designee; (viii) | ||
the Executive Director of the Illinois Community College Board | ||
or his or her designee; and (ix) the Director of Children and | ||
Family Services or his or her designee. Representatives of the | ||
Office of the Governor and the Office of the State Treasurer | ||
shall serve as co-chairpersons of the task force. The Governor | ||
shall designate one of the public members to serve as a third | ||
co-chairperson.
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The Office of the State Treasurer shall be responsible for | ||
administrative and logistical support of the task force, | ||
including coordination of task force member appointments, | ||
distribution of meeting notices and minutes, coordination of | ||
meeting logistics, providing a staff liaison to the task force, | ||
facilitation of public meetings, and drafting and filing of the | ||
final report. Task force members, or the staff liaison, or both | ||
may confer and collaborate with relevant State and national | ||
organizations with expertise in asset building, financial | ||
education, college savings, investing, home ownership, and | ||
small business development, including the Illinois Asset | ||
Building Group. | ||
Goals of the program shall include increasing the levels of | ||
financial literacy and savings in the State, increasing the | ||
number of children in Illinois who own assets and who attend | ||
post-secondary education or training, purchase a home, or open | ||
a small business. The task force shall consider the following | ||
factors in its recommendations for the design of the program: | ||
(1) return on investment, safety of the investment and | ||
insurance for the account, ease of managing the account, | ||
and ease of making various forms of deposits; | ||
(2) the impact on eligibility for student financial | ||
aid, public assistance, and other public benefits, and | ||
taxation of the account earnings and distributions; | ||
(3) the provision of financial education to children | ||
and families, and access to additional financial services; | ||
(4) restrictions on the withdrawal or distribution | ||
prior to the child reaching age 18, portability of the | ||
account, and limits on permissible uses of the account; | ||
(5) revenue sources for the initial deposit and any | ||
savings match for deposits for children in low-income | ||
families; | ||
(6) mechanisms for data collection and tracking; and | ||
(7) all other factors that the task force deems | ||
important to the program design. | ||
The task force shall hold at least 4 public meetings at a | ||
variety of geographic locations throughout the State at times | ||
and places established by the task force. The purpose of the | ||
public meetings is to gather information from community | ||
residents and institutions, families with children, financial | ||
education providers, schools, and local financial services | ||
providers. The initial meeting of the task force shall be | ||
called by the co-chairs and held no later than 30 days after | ||
the task force members are appointed. The activities of the | ||
task force shall conclude no later than December 31, 2009 | ||
September 1, 2008.
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(Source: P.A. 95-358, eff. 8-23-07.) | ||
(20 ILCS 4065/20)
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Sec. 20. Report and implementation plan. The task force | ||
shall make a written report of its findings and | ||
recommendations, including a strategic implementation plan for | ||
an Illinois children's savings account program, as well as make | ||
any additional reports deemed necessary and appropriate to the | ||
Office of the State Treasurer no later than December 31, 2009 | ||
September 1, 2008. On or before February 1, 2010 November 1, | ||
2008, the Office of the State Treasurer shall present all | ||
reports issued by the task force to the Governor and members of | ||
the General Assembly. The reports shall be made available to | ||
the public.
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(Source: P.A. 95-358, eff. 8-23-07.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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