College Illinois savings plan open again, under new management - FOX 32 News Chicago

College Illinois savings plan open again, under new management

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CHICAGO (FOX 32 News) -

The College Illinois fund is back in business, with a new management team.

The state shut down the college savings plan last year, because of claims of mismanagement and questionable investments. Auditors said they found conflicts of interest and sky-rocketing administrative costs in the program.

The program allows parents to prepay college tuition.

Governor Quinn replaced the fund's managers, and the General Assembly passed a law requiring more transparency.

The fund is being reopened even though it is 30 percent short of the money it needs to meet its current obligations.

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