Implementer §§ 331-333 — Connecticut Baby Bond Trust Program
The Connecticut Baby Bond Trust program, administered by the state treasurer, authorizes up to $600 million in bonds to provide designated beneficiaries up to $3,200 in a state trust. Once they reach age 18, beneficiaries that meet the program’s eligibility requirements may receive the funds, including any investment earnings, to be used for an eligible expenditure (e.g., education, buying a home or investing in a business in Connecticut, and personal financial investments).
The bill delays the trust’s establishment to July 1, 2023, and limits the program’s designated beneficiaries to babies born on or after that date, rather than July 1, 2021, whose births were covered under HUSKY. It also makes a conforming change to the provision requiring the Department of Social Services to inform the treasurer of the number of designated beneficiaries born each year.
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