HB 6340

Abstract

Amends the Illinois Prepaid Tuition Act. Abolishes the Investment Advisory Panel and creates the Investment Panel. Provides that the Illinois prepaid tuition program's investments shall be administered by the Illinois Student Assistance Commission, subject to approval by the Investment Panel. Sets forth the Panel's membership, qualifications, terms, and duties, including requiring the Panel to annually review and approve provisions of the strategic investment plan for the program and to review and approve the annual report that describes the current financial condition of the program. Provides that neither the Commission nor its Executive Director may at any time authorize investments inconsistent with the strategic investment plan approved by the Panel. Provides that the Commission's annual comprehensive investment plan must be approved independently by the Panel. Requires the Commission to contract with a private corporation or institution to provide services as part of the comprehensive investment plan and as necessary for implementation of the plan (now, nothing precludes the Commission from contracting with a private corporation or institution to provide such services as may be a part of the plan or as may be deemed necessary for implementation of the plan). Requires (instead of permits) the Commission to arrange to compensate for personalized investment advisory services. Effective immediately.