SPRINGFIELD—Legislation sponsored by State Representative Jim Durkin (R-Western Springs) to require College Illinois! to make investment decisions in open meetings passed out of the State Government Administration Committee unanimously today.
House Bill 3923 no longer allows investment decisions under the Illinois Prepaid Tuition Trust Fund to be conducted behind closed door. The rationale behind investment decisions having been excluded from public review is due to an exemption in the Open Meetings Act. These decisions must be made public for the stake holders.
“This legislation brings transparency and accountability to the College Illinois Investments,” said Durkin. “There were questionable investment decisions made under the previous College Illinois! administration which possibly would not have been made if the families who own these contracts were in the room or aware of these investment choices.
The Illinois Student Assistance Commission has made recent changes including hiring a new consultant and Chief investment officer. The administration discontinued investments Chairman Kym Hubbard deemed inappropriate and are working to establish a safer, but well-rounded investment policy.
“Chairman Hubbard and I agree going forward the program needs more transparency and we have agreed to work together to see that sustainability is achieved,” said Durkin. “The underfunded state of College Illinois! is something that cannot be fixed instantly and numerous organizations are going to have to come to the table to help increase the health of the fund,” said Durkin.
This is just one of several legislative proposals Durkin has filed as a package to get College Illinois on the road to sustainability.