Kirk pushes alternative college savings program
October 12, 2009 (WLS) -- Republican Congressman Mark Kirk is pushing for new legislation that would help families save for their children's college education.
Kirk was in Chicago to talk about the 401 Kids Family Savings Act of 2009, which he is co-sponsoring. It would allow any individual, including parents or other relatives, to set aside a total of $2,000 annually in a 401 Kids savings account, and it would be an alternative to the Illinois Bright Start program.
"The Bright Start program has suffered, not just from a bear market, but the poor decision of Illinois officials in the core. Plus, the program has lost $85 million or a 36 percent loss in that account," said Kirk, who represents the northern suburbs.
Kirk is running for the Republican nomination for the U.S. Senate.
State Treasurer Alexi Giannoulias is running for the Democratic nomination. His office is defending the Bright Start program, saying it took bright start from one of the worst 529 programs in the country to one of the best three, according to Money magazine.
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