SPRINGFIELD—House Bill 4116 was filed today by State Representative Jim Durkin (R-Western Spring) to ensure that College Illinois! funds will no longer be placed in high risk alternative investments. This legislation removes the program’s current exemption from the Public Funds Investment Act.
“Numerous factors have led to the current College Illinois! shortfall, one of which was the approval and placement of investments in high risk hedge funds and real estate ventures by the previous board and management,” said Rep. Durkin. “This legislation will tighten investments by making the Illinois Prepaid Tuition Trust Fund a component of the Public Funds Investment Act.”