HB4625 Summary

• Amends the State Treasurer Act to expand the definition of "qualified expenses" for the College Savings Pool to include apprenticeship program fees, books, supplies, and equipment, as well as principal and interest payments on qualified education loans.

• Modifies the definition of "eligible educational institution" to clarify it includes public and private colleges, junior colleges, graduate schools, and certain vocational institutions eligible for Department of Education student aid programs.

• Changes contribution limits so that the Pool may not accept additional contributions once the sum of all accounts for a designated beneficiary plus their Illinois Prepaid Tuition Program credits reaches a specified balance limit established by the Treasurer.

• Allows rollovers from the College Savings Pool to ABLE accounts and other qualified tuition programs, with distributions within 60 days to ABLE accounts subject to annual contribution limitations under Internal Revenue Code Section 529A.

• Clarifies that fees, costs, and expenses related to the College Savings Pool, including investment fees and third-party payments, are paid from Pool assets, and the Treasurer must maintain adequate reserves consistent with industry standards.