---
title: HB 284. Minors; creation of the Georgia Baby Bond Savings Plan
collection: bills
id: 2025-2026/hb284
cite_as: HB 284, 2025-2026 Regular Session (Ga.)
canonical_url: https://georgiacommons.org/bills/2025-2026/hb284
md_url: https://georgiacommons.org/bills/2025-2026/hb284.md
text_url: https://georgiacommons.org/bills/2025-2026/hb284/text
source_url: https://www.legis.ga.gov/legislation/69951
date: 2025-02-10
status: introduced
corpus_version: bills-2026-09-13
license: Public record of the Georgia General Assembly, via LegiScan; see about.md
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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omitted: votes and history
omitted_chars: 129
omitted_url: https://georgiacommons.org/bills/2025-2026/hb284.md?full=1
bill_number: HB 284
session: 2025-2026 Regular Session
session_slug: 2025-2026
chamber: House
bill_type: bill
status_date: 2025-02-05
last_action: House Second Readers
sponsors:
- Kim Schofield
- Carolyn Hugley
- Samuel Park
- Viola Davis
- Sandra Scott
- Bryce Berry
text_version: Introduced
has_text: true
legiscan_url: https://legiscan.com/GA/bill/HB284/2025
upstream_id: 1958333
summaries_model: claude-sonnet-5
topic_tags:
- baby bonds
- child savings accounts
- state treasury investments
- public assistance
- education savings
---
# HB 284. Minors; creation of the Georgia Baby Bond Savings Plan
## Text
House Bill 284
By: Representatives Schofield of the 63rd, Hugley of the 141st, Park of the 107th, Davis of the
87th, Scott of the 76th, and others
A BILL TO BE ENTITLED
AN ACT
To amend Title 39 of the Official Code of Georgia Annotated, relating to minors, so as to
provide for the creation of the Georgia Baby Bond Savings Plan; to provide for the
administration of such plan; to provide for a board of directors; to authorize the board of
directors to invest plan funds; to provide for the creation of a fund in the state treasury; to
provide the authority for establishing a comprehensive investment plan; to provide for
furnishing annual financial statements to savings trust account owners; to provide for
eligibility requirements for the plan; to authorize the General Assembly to contribute to the
plan; to provide for minimum contributions by the General Assembly to the plan; to provide
for definitions; to provide for related matters; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Title 39 of the Official Code of Georgia Annotated, relating to minors, is amended by adding
a new chapter to read as follows:
"CHAPTER 7
39-7-1.
The purpose of this chapter is to:
(1) Provide a program or programs of savings for the benefit of children under 18 to
assist with building assets to help pay for financial needs;
(2) Provide for the creation of the Georgia Baby Bond Savings Plan as an instrumentality
of the State of Georgia to assist children under 18 years of age with financial needs and
establishing a foundation for their financial futures;
(3) Encourage timely financial planning by the creation of savings trust accounts; and
(4) Provide a savings program for those persons who wish to save to meet a variety of
financial needs.
39-7-2.
As used in this chapter, the term:
(1) 'Account contributor' means a resident or nonresident person, corporation, trust,
charitable organization, or other entity which contributes to or invests money in a savings
trust account under the program on behalf of a beneficiary. For resident persons, the
account contributor may also be the designated beneficiary of the account.
(2) 'Account owner' means a resident or nonresident person, corporation, trust, charitable
organization, or other entity that establishes a savings trust account under the program on
behalf of a beneficiary. For resident persons, the account owner may also be the
designated beneficiary of the account.
(3) 'Beneficiary' means a resident beneficiary of a savings trust agreement.
(4) 'Board' means the board of directors of the Georgia Baby Bond Savings Plan.
(5) 'Financial organization' means an organization which is:
(A) A fiduciary authorized to act as a trustee pursuant to the provisions of the federal
Employee Retirement Income Security Act of 1974, as amended, or an insurance
company or affiliate; and
(B)(i) Licensed or chartered by the Department of Insurance;
(ii) Licensed or chartered by the Department of Banking and Finance;
(iii) Chartered by an agency of the federal government;
(iv) Subject to the jurisdiction and regulation of the federal Securities and Exchange
Commission;
(v) Any other entity otherwise authorized to act in this state as a trustee pursuant to
the provisions of the federal Employee Retirement Income Security Act of 1974, as
amended; or
(vi) Any investment adviser registered with the federal Securities and Exchange
Commission pursuant to the Investment Advisers Act of 1940.
(6) 'Internal Revenue Code' or 'Internal Revenue Code of 1986' shall have the same
meaning as set forth in Code Section 48-1-2.
(7) 'Plan' means the Georgia Baby Bonds Savings Plan established under this chapter.
(8) 'Program' means a program of savings trust agreements and savings trust accounts
provided by the plan, allowing for investment in stocks, bonds, and treasuries, among
other financial instruments.
(9) 'Qualified expense' means expenses for the following:
(A) Education of the beneficiary at:
(i) An institution of higher education; or
(ii) An area career and technical education school;
(B) Ownership of a home by the beneficiary;
(C) Any expenses paid or incurred on or after the date on which the account holder
attains age 59 and one-half years;
(D) Any other investment in financial assets or personal capital that provides long-term
gains to wages and wealth, as established under regulations promulgated by the state
treasurer, in consultation with the board; and
(E) Any other expense approved by the board.
(10) 'Qualified withdrawal' means a withdrawal by an account owner for qualified
expenses of the beneficiary.
(11) 'Savings trust account' means an account established by an account owner pursuant
to this chapter on behalf of a beneficiary in order to apply distributions from the account
toward qualified expenses.
(12) 'Savings trust agreement' means the agreement entered into between the board and
the account owner establishing a savings trust account.
(13) 'Trust fund' means the Georgia Baby Bond Savings Plan Trust Fund.
(14) 'Unqualified withdrawal' means a withdrawal by an account owner that is not:
(A) A qualified withdrawal; or
(B) A withdrawal by reason of the death or disability of the beneficiary.
39-7-3.
(a)(1) There is created the Georgia Baby Bond Savings Plan, as a body corporate and
politic and an instrumentality of the state, for purposes of establishing and maintaining
the Georgia Baby Bond Savings Plan as provided by this chapter. The plan shall be
governed by a board of directors consisting of the Governor as chairperson, the state
auditor, the director of the Office of Planning and Budget, the state revenue
commissioner, three directors who shall be appointed by and serve at the pleasure of the
Governor, and the state treasurer who shall act as administrative officer of the board. A
majority of the board shall constitute a quorum and the acts of the majority shall be the
acts of the board.
(2) Members of the board who are state officials or employees shall receive no
compensation for their service on the board but may be reimbursed for expenses incurred
by them in the performance of their duties as members of the board. Any members of the
board who are not state officials or employees shall receive a daily expense allowance in
the amount specified in subsection (b) of Code Section 45-7-21 for each day such
member is in attendance at a meeting of the board. Expense allowances and other costs
authorized in this paragraph shall be paid from moneys in the trust fund.
(b) The board shall have the authority necessary or convenient to carry out the purposes
and provisions of this chapter and the purposes and objectives of the trust fund, including,
but not limited to, the authority to:
(1) Have a seal and alter the same at its pleasure; bring and defend actions; make,
execute, and deliver contracts, conveyances, and other instruments necessary or
convenient to the exercise of its powers; and make and amend bylaws;
(2) Adopt such rules and regulations as are necessary to implement this chapter, subject
to applicable federal laws and regulations, including rules regarding transfers of funds
between savings trust agreements;
(3) Contract for necessary goods and services, employ necessary personnel, and engage
the services of consultants and other qualified persons and entities for administrative and
technical assistance in carrying out the responsibilities of the trust fund under terms and
conditions that the board deems reasonable; and any and all state departments or agencies
are authorized to contract with the board and the board is authorized to contract with such
departments or agencies, upon such terms, for such consideration, and for such purposes
as it deems advisable;
(4) Solicit and accept gifts, including bequests or other testamentary gifts made by will,
trust, or other disposition grants, loans, and other aids from any personal source or
participate in any other way in any federal, state, or local government program in carrying
out the purposes of this chapter;
(5) Define the terms and conditions under which payments may be withdrawn or
refunded from the trust fund established under this chapter and impose reasonable
charges for a withdrawal or refund;
(6) Impose reasonable time limits on the use of savings trust account distributions
provided by the program;
(7) Regulate the receipt of contributions or payments to the trust fund;
(8) Require and collect fees and charges to cover the reasonable costs of administering
savings trust accounts and impose penalties on an unqualified withdrawal of funds or for
entering into a savings trust agreement on a fraudulent basis;
(9) Procure insurance against any loss in connection with the property, assets, and
activities of the trust fund or plan;
(10) Require that account owners of savings trust agreements verify in writing, before
a person authorized to administer oaths, any requests for contract conversions,
substitutions, transfers, cancellations, refund requests, or contract changes of any nature;
(11) Solicit proposals and contract for the marketing of the program, provided that any
materials produced by a marketing contractor for the purpose of marketing the program
must be approved by the board before being made available to the public, unless
otherwise directed by the board; establish a name for the program; and adopt and use
marketing names, brands, logos, or other descriptions or representations of the program
as may be deemed desirable or convenient for promoting, publicizing, or otherwise
marketing the program within this state;
(12) Delegate responsibility for administration of any program to a financial organization
that the board determines is qualified;
(13) Make all necessary and appropriate arrangements with colleges and universities or
other entities in order to fulfill its obligations under savings trust agreements;
(14) Establish other policies, procedures, and criteria and perform such other acts as
necessary or appropriate to implement and administer this chapter; and
(15) Authorize the state treasurer to carry out any or all of the powers and duties
enumerated in this subsection for efficient and effective administration of the plan,
program, and trust fund.
(c) The plan is assigned to the Department of Administrative Services for administrative
purposes only.
39-7-4.
(a) The plan, through one or more programs, shall make savings trust agreements and
savings trust accounts available to the public, under which account owners or account
contributors may make contributions on behalf of qualified beneficiaries. Contributions
to a savings trust account shall be exempt from state taxation. Contributions and
investment earnings on the contributions may be used for any qualified expenses of a
designated beneficiary. The state shall not guarantee that such contributions together with
the investment return on such contributions, if any, will be adequate to pay for qualified
expenses in full. Savings trust agreements shall be available to residents of the State of
Georgia. One or more savings trust accounts may be established for any qualified
beneficiary, subject to the limitations of this chapter.
(b) Each savings trust agreement made pursuant to this chapter shall include the following
terms and provisions:
(1) The maximum and minimum contribution allowed on behalf of each beneficiary for
the payment of qualified expenses, provided that the contribution limit shall correspond
with the maximum contribution allowed for the payment of qualified higher education
expenses under Section 529 of the Internal Revenue Code of 1986 or other applicable
law;
(2) Provisions for assessment and collection of reasonable fees which shall be charged
to cover the administration of the account;
(3) Provisions for a benchmark rate of annual return corresponding with the legal rate
of interest, as defined under Code Section 7-4-2;
(4) Provisions for withdrawals, refunds, rollovers, transfers, and any penalties. An
account owner may roll over all or part of any balance in an account to an account
established on behalf of a different beneficiary to the extent allowed by law. Unqualified
withdrawals of contributions and earnings shall be subject to such penalties or taxation
as may be imposed by the Internal Revenue Code. At its discretion, the board may
impose additional penalties on unqualified withdrawals to be used by the plan to defray
expenses; provided, however, that no such penalty shall apply to any withdrawal that
does not require a penalty or tax surcharge under the Internal Revenue Code of 1986;
(5) The name, address, and date of birth of the beneficiary on whose behalf the savings
trust account is opened;
(6) Terms and conditions for a substitution of the beneficiary originally named;
(7) Terms and conditions for termination of the account, including any refunds,
withdrawals, or transfers, applicable penalties, and the name of the person or persons
entitled to terminate the account;
(8) All other rights and obligations of the account owner or account contributor and the
trust fund; and
(9) Any other terms and conditions that the board deems necessary or appropriate,
including without limitation those necessary to conform the savings trust account with
applicable federal law.
39-7-5.
(a)(1) There is created the Georgia Baby Bond Savings Plan Trust Fund as a separate
fund in the state treasury. The trust fund shall be administered by the state treasurer. The
state treasurer shall credit to the trust fund all amounts transferred to such fund. The trust
fund shall consist of money remitted in accordance with savings trust agreements and any
moneys acquired from other governmental or private sources and shall receive and hold
all payments, contributions, and deposits intended for it as well as gifts, bequests, or
endowments; grants; any other public or private source of funds; and all earnings on the
fund until disbursed as provided under this Code section. The amounts on deposit in the
trust fund shall not constitute property of the state. Amounts on deposit in the trust fund
shall not be commingled with state funds, and the state shall have no claim to or interest
in such funds other than the amount of reasonable fees and charges assessed to cover
administration costs. Savings trust agreements or any other contract entered into by or
on behalf of the trust fund shall not constitute a debt or obligation of the state, and no
account owner or account contributor shall be entitled to any amounts except for those
amounts on deposit in or accrued to the account of such contributor.
(2) The trust fund shall continue in existence so long as it holds any funds belonging to
an account owner or otherwise has any obligations to any person or entity and until its
existence is terminated by law and remaining assets on deposit in the trust fund are
returned to account owners or transferred to the state in accordance with unclaimed
property laws.
(b)(1) The following three separate accounts are created within the trust fund:
(A) The administrative account;
(B) The endowment account; and
(C) The program account.
(2) The administrative account shall accept, deposit, and disburse funds for the purpose
of administering and marketing the program. The endowment account shall accept,
deposit, and disburse amounts received in connection with the sales of interests in the
trust fund or other contributions, other than amounts for the administrative account and
other than amounts received pursuant to a savings trust agreement. Amounts on deposit
in the endowment account may be applied as specified by the board for any purpose
related to the program. The program account shall receive, invest, and disburse amounts
pursuant to savings trust agreements.
(c) The official location of the trust fund shall be the Office of the State Treasurer, and the
facilities of the Office of the State Treasurer shall be used and employed in the
administration of the fund, including without limitation the keeping of records, the
management of bank accounts and other investments, the transfer of funds, and the
safekeeping of securities evidencing investments. These functions may be administered
pursuant to a management agreement with a qualified entity or entities.
(d) Payments received by the board on behalf of beneficiaries from account contributors,
other payors, or from any other source, public or private, shall be placed in the trust fund,
and the board shall cause there to be maintained separate records and accounts for
individual beneficiaries as may be required by federal law.
(e) Account contributors shall be permitted only to contribute cash or any other form of
payment or contribution as is permitted by the board. The board shall cause the program
to maintain adequate safeguards against contributions in excess of what may be required
for qualified expenses. The trust fund, through the state treasurer, may receive and deposit
into the trust fund any gift of any nature, real or personal property, made by an individual
testamentary disposition, including without limitation any specific gift or bequest made by
will, trust, or other disposition to the extent permitted under the Internal Revenue Code
of 1986. The trust fund may receive amounts transferred under Article 5 of Chapter 5 of
Title 44, 'The Georgia Transfers to Minors Act'; under the Uniform Transfers to Minors
Act, Uniform Gift to Minors Act, or other substantially similar act of another state, subject
to the provisions of subsection (c) of Code Section 44-5-112; or from some other account
established for the benefit of a minor if the trust beneficiary of such account is identified
as the legal owner of the trust fund account upon attaining majority age.
(f) Earnings derived from investment of the contributions shall be considered to be held
in trust in the same manner as contributions, except as applied for purposes of the
designated beneficiary and for purposes of maintaining and administering the program as
provided in this chapter. Amounts on deposit in an account owner's account shall be
available for administrative fees and expenses and penalties imposed by the board for the
plan as disclosed in the savings trust agreement.
(g) The assets of the trust fund shall be preserved, invested, and expended solely pursuant
to and for the purposes of this chapter and shall not be loaned or otherwise transferred or
used by the state for any other purpose.
39-7-6.
The trust fund property and income shall be subject to taxation by the state only as
provided by Code Section 48-7-27 and shall not be subject to taxation by any of the state's
political subdivisions.
39-7-7.
(a) The board shall have authority to establish a comprehensive investment plan for the
purposes of this chapter and to invest any funds of the trust fund through the state treasurer.
The state treasurer shall invest the trust fund moneys pursuant to an investment policy
adopted by the board. Notwithstanding any state law to the contrary, the board, through
the state treasurer shall invest or cause to be invested amounts on deposit in the trust fund,
including the program account, in a manner reasonable and appropriate to achieve the
objectives of the plan, exercising the discretion and care of a prudent person in similar
circumstances with similar objectives. The board shall give due consideration to the risk
of, expected rate of return of, term or maturity of, diversification of total investments of,
liquidity of, and anticipated investments in and withdrawals from the trust fund.
(b) All contractors, vendors, or other service providers, including, but not limited to,
financial organizations, investments, and investment options, shall be selected by
competitive solicitation, unless otherwise directed by the board.
(c) All investments shall be marked clearly to indicate ownership by the plan and, to the
extent possible, shall be registered in the name of the plan.
(d) Subject to the terms, conditions, limitations, and restrictions set forth in this Code
section, the board may sell, assign, transfer, and dispose of any of the securities and
investments of the plan if the sale, assignment, or transfer has the majority approval of the
entire board. The board may employ or contract with financial organizations, investment
managers, evaluation services, or other such services as determined by the board to be
necessary for the effective and efficient operation of the program.
(e) Members and employees of the board shall be subject to the provisions of Chapter 10
of Title 45, relating to codes of ethics and conflicts of interest.
(f) The board shall establish criteria for financial organizations, investment managers,
mutual funds, or other such entities to act as contractors or consultants to the board. The
board may contract, either directly or through such contractors or consultants, to provide
such services as may be a part of the comprehensive investment plan or as may be deemed
necessary or proper by the board, including without limitation providing consolidated
billing, individual and collective record keeping and accounting, and asset purchase,
control, and safekeeping.
(g) No account owner, account contributor, or beneficiary shall directly or indirectly direct
the investment of any account except as may be permitted under applicable federal law.
(h) The board may approve different investment plans and options to be offered to
participants to the extent permitted under applicable federal law and consistent with the
objectives of this chapter, and the board may require the assistance of investment
counseling before participation in different options.
(i) No account owner or designated beneficiary shall pledge any interest in the program
or any portion thereof as security for a loan.
39-7-8.
(a) The board shall furnish, subject to reasonable administrative fees and charges, to each
account owner an annual statement of the following:
(1) The amount contributed under the savings trust agreement;
(2) The annual earnings and accumulated earnings on the savings trust account; and
(3) Any other terms and conditions that the board deems by rule are necessary or
appropriate, including without limitation those necessary to conform the savings trust
account with the requirements of applicable federal law.
(b) The board shall furnish an additional statement complying with subsection (a) of this
Code section to an account owner or beneficiary on written request. The board may charge
a reasonable fee for each statement furnished under this subsection.
(c) The board shall prepare or cause to be prepared an annual report setting forth in
appropriate detail an accounting of the funds and a description of the financial condition
of the plan at the close of each fiscal year. Such report shall be submitted to the Governor,
the President of the Senate, and the Speaker of the House of Representatives. In addition,
the board shall make the report available to account owners or account contributors of
savings trust agreements. The accounts of the trust fund shall be subject to annual audits
by the state auditor or his or her designee.
39-7-9.
Notwithstanding any state law to the contrary, no moneys on deposit in any savings trust
account shall be considered an asset of the parent, guardian, or child for purposes of
determining an individual's eligibility for need based aid programs.
39-7-10.
(a) The provisions of Article 4 of Chapter 18 of Title 50 notwithstanding, the following
records, or portions thereof, shall not constitute public records and shall not be open to
inspection by the general public:
(1) Completed savings trust account applications, executed savings trust account
agreements, and savings trust account numbers;
(2) All wiring or automated clearing house transfer of funds instructions;
(3) Records of savings trust account transactions and savings trust account analysis
statements received or prepared by or for the plan;
(4) All bank account numbers in the possession of the plan and any record or document
containing such numbers;
(5) All proprietary computer software in the possession or under the control of the plan;
and
(6) All security codes and procedures related to physical, electronic, or other access to
any savings trust account or the trust fund, its systems, and its software.
(b) For a period from the date of creation of the record until the end of the calendar quarter
in which the record is created, the following records, or portions thereof, of the trust fund
shall not constitute public records and shall not be open to inspection by the general public:
(1) Investment trade tickets; and
(2) Bank statements.
(c) The restrictions of subsections (a) and (b) of this Code section shall not apply to access:
(1) Required by subpoena or other legal process of a court or administrative agency
having competent jurisdiction in legal proceedings where the State of Georgia or the plan
is a party;
(2) In prosecutions or other court actions to which the State of Georgia or the plan is a
party;
(3) Given to federal or state regulatory or law enforcement agencies;
(4) Given to any person or entity in connection with a savings trust account to which
such person or entity is the account owner or given to any person in connection with a
savings trust account of which such person is the beneficiary; or
(5) Given to the board or any member, employee, or contractor thereof for use and public
disclosure in the ordinary performance of its duties pursuant to this chapter.
39-7-11.
(a) All Georgia residents under the age of 18 years are eligible to be beneficiaries. Any
individual enrolled in the plan shall be the beneficiary of a maximum of one savings trust
account.
(b) Georgia residents born on or after July 1, 2025, shall automatically be enrolled in the
plan.
(c) Georgia residents born before July 1, 2025, but who are otherwise under the age of 18
years as of such date may request the Office of the State Treasurer to be enrolled in the
plan. The board shall promulgate guidelines for the Office of the State Treasurer to certify
such residents as eligible for the plan.
(d) Upon reaching 18 years of age, savings trust account beneficiaries shall retain their
interests in such accounts, including investment returns and interest earned after said
beneficiaries have reached 18 years of age, so long as they remain residents of the State of
Georgia.
39-7-12.
(a) The General Assembly is authorized to contribute funds to each savings trust account
from the undesignated surplus in the state treasury.
(b) The General Assembly shall provide an initial contribution to each savings trust
account in the amount of:
(1) A minimum of $250.00; or
(2) A minimum of $1000.00 for a beneficiary whose family is receiving benefits from
a federal assistance program, including but not limited to Medicaid, Temporary
Assistance for Needy Families, or the Supplemental Nutrition Assistance Program.
(c) The General Assembly shall provide recurring annual contributions to each savings
trust account, until the account beneficiary reaches 18 years of age, in the amount of:
(1) A minimum of $250.00; or
(2) A minimum of $500.00 for a beneficiary whose family is receiving benefits from a
federal assistance program, including but not limited to Medicaid, Temporary Assistance
for Needy Families, or the Supplemental Nutrition Assistance Program."
SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.
## Summaries written by Georgia Commons
The following was written by claude-sonnet-5 from the text above and is not part of the bill. Quote the text, not the summary.
House Bill 284 would create the Georgia Baby Bond Savings Plan, a state-run savings account automatically opened for every Georgia baby born after July 1, 2025, seeded and topped up each year with state money.
### Plain-language summary
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.
### What it does
- 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.
### Who it affects
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.
### Why it matters
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.
### Key provisions
- 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.
## Status
- Status: Introduced (2025-02-05)
- Last action: House Second Readers (2025-02-10)
- Sponsors: Kim Schofield, Carolyn Hugley, Samuel Park, Viola Davis, Sandra Scott, Bryce Berry
- Official page: https://www.legis.ga.gov/legislation/69951
> The history, votes, and amendments (129 characters) are at https://georgiacommons.org/bills/2025-2026/hb284.md?full=1