College Savings Events Set for Tax and Investment Professionals in Normal, Peoria, Decatur, and Springfield
SPRINGFIELD — Illinois State Treasurer Michael Frerichs today announced dates for the Illinois College Savings events to provide tax and investment professionals with important updates on Illinois’ Bright Start and Bright Directions college savings programs, both considered among the best in the country according to Morningstar.
Sessions will run at the following dates and times:
Tuesday, April 23 – Normal Tuesday, April 23 – Peoria Bloomington-Normal Marriott Hotel & Embassy Suites East Peoria | 100 Conference Center | 201 Broadway Avenue, Center Drive, Peoria, IL Normal, IL Registration: 1:00 p.m.
Registration: 7:30 a.m. Workshop: 1:30 – 3:30 p.m.
Workshop: 8:00 – 10:00 a.m.
Thursday, May 16 – Decatur; Thursday, May 16 – Springfield. Decatur Club | 158 West Prairie Avenue, Crowne Plaza Springfield – Convention Center | 3000 South Dirksen Parkway. Registration: 7:30 a.m. Springfield, IL Workshop: 8:00 – 10:00 a.m. Registration: 1:00 p.m.
Workshop: 1:30 – 3:30 p.m.
Professionals will walk away with new strategies to help their clients save for college. They will also earn continuing education credits. There is no cost to attend.
Frerichs is a featured speaker at the sessions. He will provide updates on the programs and speak about the need to educate families on the importance of saving for college.
The program management team from Union Bank & Trust, the program manager for both Bright Start and Bright Directions, will speak about the recent enhancements to both college savings plans, tax considerations, and financial aid.
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Morningstar, which independently evaluates and rates college savings plans, rated the Bright Start 529 College Savings Plan as a “Gold-Rated 529 Plan.” Since Treasurer Michael Frerichs revamped the plans in July 2017, Bright Start, a direct-sold plan, has won back- to-back Gold medals. According to Morningstar, Bright Start is considered a “Valedictorian” among its peers and continues to be one of the highest-rated plans in the country thanks to its investment diversity and choice, low costs, and overall structure.
The Bright Directions Advisor-Guided 529 College Savings Plan also earned its fourth consecutive Silver medal, the highest honor bestowed upon advisor-sold plans. Morningstar recognized Bright Directions for its low-cost, well-constructed age-based portfolios and exceptional selection of individual options. Bright Start and Bright Directions together have more than $11 billion in assets and over 600,000 accounts.
The sessions will also provide an overview of the Illinois ABLE program for individuals with a disability that manifested itself before the age of 26. A presentation will include details on ways families can save and invest funds for qualified expenses.
The summit is intended for tax and investment professionals. Registration for all sessions is now open at Bright529.com. Early registration is encouraged because seating is limited.
For more information on the plans, visit ILCollegeSavings.com or call 877.432.7444.
About the Illinois Treasurer
As Illinois State Treasurer, Frerichs is the state’s Chief Investment and Banking Officer and actively manages approximately $30 billion. The portfolio includes $13 billion in state funds, $11 billion in college savings plans and $6 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $42 to the state for every $1 spent in operations. Frerichs’ office protects consumers by safeguarding more than $2 billion in unclaimed property, encouraging savings plans for college or trade school, increasing financial education among all ages, assisting people with disabilities save without losing government benefits, and removing barriers to a secure retirement. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.
The Bright Start Direct-Sold College Savings Program (“Bright Start”) and the Bright Directions Advisor-Guided 529 College Savings Program (“Bright Directions”) are part of the Illinois College Savings Pool and are designed to qualify as qualified tuition programs under the provisions of Section 529 of the Internal Revenue Code. Bright Start and Bright Directions are sponsored by the State of Illinois and administered by the Illinois State Treasurer, as Trustee. Union Bank & Trust Company serves as Program Manager, and Northern Trust Securities, Inc. acts as Distributor of the advisor-sold plan. Investments in Bright Start and Bright Directions are not guaranteed or insured by the State of Illinois, the Illinois State Treasurer, Union Bank & Trust Company, Northern Trust Securities, Inc., the Federal Deposit Insurance Corporation, or any other entity.
An investor should consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other important information is contained in the fund prospectuses and the Bright Start Program Disclosure Statement and Bright Directions Program Disclosure Statement (issuer’s official statement), which can be obtained from your financial professional, on BrightStart.com, and BrightDirections.com and should be read carefully before investing. You can lose money by investing in a portfolio. Each of the portfolios involves investment risks, which are described in the Program Disclosure Statement.
An investor should consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan.
Investors should consult a tax advisor.