IL HB3349

Amends the Board of Higher Education Act to create a new Section 9.43 establishing a financial literacy training program for public employees.

Board of Higher Education shall award a grant to a statewide association of public pension funds affiliated with public institutions of higher education to develop and deliver the program, subject to appropriation.

Program shall provide in-person training covering retirement income (pension benefits, Social Security, employer-sponsored deferred compensation, and retiree health care savings plans) and consumer finance topics (debt, educational savings, budgeting).

Program shall include recorded programs in addition to in-person instruction to accommodate public employees working nontraditional shift assignments.

General Assembly finds that financial literacy for public employees supports a stable workforce and benefits public employees, retirees, and state agencies delivering public services.