529 COLLEGE SAVINGS DAY

104th Regular Session Introduced by Mary Gill and 1 co-sponsor

Designates May 29, 2026 as 529 College Savings Day to raise awareness of Illinois 529 plans and their tax-advantaged role in saving for higher education.

Resolution Adopted

Summary of HR 783 (104th Illinois General Assembly) — 529 College Savings Day

Purpose and intent

Establishes May 29, 2026 as “529 College Savings Day” in the State of Illinois.

Aims to raise awareness about the rising costs of higher education and the importance of saving for college through Illinois 529 College Savings Plans (Bright Start and Bright Directions).

Key provisions

Declares May 29, 2026 as 529 College Savings Day in Illinois.

Encourages public recognition and awareness of 529 plans as tax-advantaged tools for saving for higher education.

Requires a copy of the resolution to be presented to the Office of the State Treasurer (trustee/administrator of Illinois 529 plans).

Background context included in the resolution

Highlights the structure and benefits of 529 plans (tax-deferred growth; withdrawals for qualified higher education expenses exempt from state and federal taxes; broad range of eligible expenses such as tuition, fees, books, certain room and board, computer equipment, and supplies).

Notes Illinois’ 529 plan history (Bright Start established 2000; Bright Directions established 2005; Office of the State Treasurer serves as trustee/administrator).

Mentions economic context: rising student loan debt nationally and in Illinois, and the potential impact of savings on reducing future debt, including the economic benefits of college graduates.

Provides performance and program details:

Over 950,000 Bright Start/Bright Directions accounts.
More than $24 billion saved for higher education expenses.
Over $1.8 billion withdrawn annually for qualified expenses.
Morningstar ratings in 2025: Bright Start gold (seventh time) and Bright Directions bronze (third time).
Illinois First Steps program provides a one-time $50 seed deposit for newborns/adopted children of eligible Illinois residents, with more than 24,000 accounts opened via this program.

Who/what is affected

Illinois residents and families who are or may become participants in Illinois 529 College Savings Plans (Bright Start and Bright Directions).

The Office of the State Treasurer, as trustee/administrator, is acknowledged as the entity responsible for managing these plans.

The broader audience includes policymakers, educators, financial planners, and the public, by promoting awareness of savings options for higher education.

Procedural/timeline details

The bill is a concurrent resolution recognizing a specific day.

Schedule/Actions:

Filed with the Clerk on April 9, 2026.
Referred to the Rules Committee (April 14, 2026), then assigned to the Higher Education Committee (April 27, 2026).
Advanced by the Higher Education Committee with a recommendation to adopt (May 6, 2026).

Sponsorship:

Primary sponsor: Rep. Mary Gill.
Co-sponsors: Rep. Katie Stuart and Rep. Mary Gill (noting Rep. Stuart as a co-sponsor is listed; Mary Gill appears both as sponsor and co-sponsor in various capacities).

Potential impact

Symbolic and educational impact by designating a formal day to promote 529 savings, potentially increasing public awareness and engagement with 529 plans.

Could encourage families to consider 529 savings as part of college financing strategies, potentially reducing future reliance on student loans.

Supports ongoing emphasis on financial literacy and college affordability within Illinois.

Notes for readers

This resolution does not create new funding or mandatory requirements; it designates a day and promotes awareness of existing 529 savings programs and their benefits.

The resolution references existing program details and statistics to underscore the value of saving for higher education.