HB 284: Minors; creation of the Georgia Baby Bond Savings Plan

Georgia currently has no state program that opens a savings account for every child born in the state. HB284 would create the Georgia Baby Bond Savings Plan under a new chapter of Title 39, run by a board chaired by the Governor and administered day to day by the state treasurer. Children born in Georgia on or after July 1, 2025 would be automatically enrolled, and children under 18 born before that date could ask to be enrolled. Contributions would go into savings trust accounts held in a new Georgia Baby Bond Savings Plan Trust Fund in the state treasury, invested by the board, with earnings and withdrawals used for costs like education, buying a home, or other approved long term financial goals. The General Assembly would be authorized to contribute an initial deposit of at least $250 (or $1,000 for children in families receiving benefits like Medicaid, TANF, or SNAP), plus annual contributions of at least $250 (or $500 for those same families) until the child turns 18. The funds would not count as family assets for need based aid eligibility, and certain account records would be shielded from public inspection.

• Creates the Georgia Baby Bond Savings Plan and a Trust Fund in the state treasury to hold and invest savings for Georgia children under 18.
• Automatically enrolls every Georgia resident born on or after July 1, 2025 as a beneficiary, with a one-time application option for those born earlier.
• Sets up a board chaired by the Governor, including the state auditor, budget director, revenue commissioner, three gubernatorial appointees, and the state treasurer, to run and invest the plan.
• Authorizes the General Assembly to make an initial deposit of at least $250 (or $1,000 for lower-income families receiving federal assistance) into each account, plus yearly contributions until age 18.
• Exempts account funds from being counted as family assets when determining eligibility for need-based aid programs.
• Shields certain account records, such as account numbers and transaction data, from public records requests, with exceptions for subpoenas and law enforcement.

Georgia children born on or after July 1, 2025 and their families, families of children under 18 who apply to join, the state treasurer's office and a new plan board that would administer and invest the funds, and the General Assembly, which would be authorized (though not strictly required by amount each year) to appropriate the contributions.

If enacted, Georgia would join a small number of states offering government-seeded savings accounts for children, giving beneficiaries a fund they can access at 18 for education, a home purchase, or other approved expenses, with larger contributions for children in lower-income families receiving public assistance.

• Code Section 39-7-3 creates the plan as a state instrumentality governed by a board chaired by the Governor, with the state treasurer as administrative officer.
• Code Section 39-7-5 creates the Georgia Baby Bond Savings Plan Trust Fund in the state treasury, split into administrative, endowment, and program accounts, and states the fund is not state property.
• Code Section 39-7-7 gives the board authority to set a comprehensive investment plan and directs the state treasurer to invest trust fund money using a prudent-person standard.
• Code Section 39-7-9 excludes account balances from being counted as an asset of the parent, guardian, or child when determining eligibility for need-based aid programs.
• Code Section 39-7-10 exempts specified plan records, such as account numbers and bank statements, from Georgia's open records law, with exceptions for legal proceedings and law enforcement.
• Code Section 39-7-11 sets eligibility: automatic enrollment for Georgia residents born on or after July 1, 2025, and an application option for those born earlier who are still under 18.
• Code Section 39-7-12 sets minimum General Assembly contributions: $250 initial deposit ($1,000 for families on federal assistance programs like Medicaid, TANF, or SNAP), plus $250 in annual contributions ($500 for those same families) until age 18.

1. 2025-02-10House Second Readers (House)
2. 2025-02-06House First Readers (House)
3. 2025-02-05House Hopper (House)

• Kim Schofield (D, HD-063)Primary sponsor
• Carolyn Hugley (D, HD-141)
• Samuel Park (D, HD-107)
• Viola Davis (D, HD-087)
• Sandra Scott (D, HD-076)
• Bryce Berry (D, HD-056)

• baby bonds
• child savings accounts
• state treasury investments
• public assistance
• education savings