Illinois State Treasurer’s Office News Releases
New Federal Tax Breaks Do Not Apply to Illinois Taxes When Paying Private Grade, High School Expenses
SPRINGFIELD — Families that use their Bright Start or Bright Directions college savings accounts to pay for tuition, fees or other expenses at private or parochial schools, including Catholic schools, would violate Illinois’ tax code, Illinois State Treasurer Michael Frerichs cautioned today. Frerichs also emphasized that federal tax reform did not change any of the benefits for using Bright Start or Bright Directions to save or pay for higher education. Illinois’ tax code specifically limits tax-free growth in Bright Start and Bright Directions accounts when used for qualified higher education…
Secure Choice Board Selects Investment Managers and Contracts with Ascensus to Manage Retirement Savings Program
CHICAGO — The state board overseeing the Secure Choice retirement savings program signed a contract with Ascensus to manage the day-to-day operations, Illinois State Treasurer Michael Frerichs said today. The board also selected BlackRock, Charles Schwab, and State Street Global Advisors to act as investment managers for the four different investment options. Secure Choice will increase the number of workers saving for retirement by providing a state-facilitated retirement program that is connected to the worker, not the employer. When a worker leaves to accept a new position with a different…