HB0741 Summary

• Amends the State Treasurer Act to modify the College Savings Pool program, a qualified tuition program under Section 529 of the Internal Revenue Code for education savings.

• Expands qualified expenses to include apprenticeship program fees, supplies, and equipment registered with the Secretary of Labor, and allows student loan repayment (principal and interest) for the designated beneficiary or siblings.

• Changes contribution limits to restrict the combined total of College Savings Pool accounts and Illinois Prepaid Tuition Program contributions for each beneficiary, rather than applying a single account balance limit.

• Revises fee structure to allow the State Treasurer to collect fees from pool assets to cover all administration, investment, and third-party costs while maintaining an adequate reserve fund in line with industry standards.

• Modifies administration provisions to allow the State Treasurer to delegate duties to contractors and requires coordination with the Illinois Student Assistance Commission to prevent excess contributions.