Bill > HB2778

This bill amends the Board of Higher Education Act to establish a financial literacy training program for public employees. Under the proposed legislation, the Board of Higher Education would be required to award a grant to a statewide association of public pension funds connected to a public higher education institution to develop and deliver an in-person training program. The program aims to improve financial knowledge among public employees by providing comprehensive training on retirement income, including pension and Social Security benefits, employer-sponsored deferred compensation plans, and retiree healthcare savings plans. The bill emphasizes that enhanced financial literacy benefits not only individual public employees and retirees but also supports a stable workforce and the state's economy. The training will cover important financial planning topics such as debt management, educational savings, budgeting, and other related financial subjects. Additionally, the program will include recorded training options to accommodate public employees working non-traditional shift assignments, ensuring accessibility for all participants. The implementation of this program is subject to appropriate funding being allocated.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2778&GAID=18&DocTypeID=HB&SessionID=114&GA=104