SB3528 Summary

• Authorizes the Illinois Neighborhood Recovery Initiative to contribute matching funds (up to $250 per account annually and $5 million total annually) to the College Savings Pool for accounts opened after the effective date.

• Prohibits new Illinois prepaid tuition contracts from being entered into on or after the effective date, limiting future purchases to annuities only.

• Allows holders of existing prepaid tuition contracts to retain funds, transfer cash value to the College Savings Pool, cash out per contract terms, or transfer funds into an annuity.

• Amends the Illinois Prepaid Tuition Act to restrict the program to annuity purchases going forward while grandfathering existing contracts with multiple options for contract holders.