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CT Baby Bonds

Investing in Connecticut’s Future with CT Baby Bonds

Treasurer Wooden championed CT Baby Bonds during the 2021 legislative session, a racial equity, anti-generational poverty, economic growth bill. On July 1, 2021, CT Baby Bonds became the -first-of-its-kind program to be enacted in the nation. It was designed to narrow the wealth gap and spur long-term economic growth for Connecticut’s economy. CT Baby Bonds was inspired by the American Opportunity Accounts Act, federal legislation which was introduced by U.S. Senator Cory Booker (D-NJ) and Representative Ayanna Pressley (D-MA).

 

What is ‘CT Baby Bonds’ and why is it important for CT families and communities?

CT Baby Bonds is a long-term investment in Connecticut families and communities. It will address generational poverty by giving families opportunities to build wealth while investing funds directly back into the community through various ways such as homeownership and small businesses.

How does CT Baby Bonds work?

For every baby whose birth is covered by HUSKY, up to $3,200 is deposited into the CT Baby Bond Trust and invested by the Office of the Treasurer. At age 18, an eligible beneficiary can make a claim for the funds to be used to start or invest in a Connecticut business, buy a home in Connecticut, pay for higher education, or save for retirement.

What is ‘CT Baby Bonds’ and why is it important for CT families and communities?

CT Baby Bonds is a long-term investment in Connecticut families and communities. It will address generational poverty by giving families opportunities to build wealth while investing funds directly back into the community through various ways such as homeownership and small businesses.

How does CT Baby Bonds work?

For every baby whose birth is covered by HUSKY, up to $3,200 is deposited into the CT Baby Bond Trust and invested by the Office of the Treasurer. At age 18, an eligible beneficiary can make a claim for the funds to be used to start or invest in a Connecticut business, buy a home in Connecticut, pay for higher education, or save for retirement.

                                                                                                                                                                                                                                                                                                                                                                         

Frequently Asked Questions

Who is eligible?

Beginning July 1, 2021, babies whose birth was covered by HUSKY will be automatically allocated a pro-rata share of the CT Baby Bond Trust.

How do I enroll?

Enrollment is automatic based on the birth’s coverage by HUSKY.

What can the funds be used for?

The funds can be used to pay for higher education expenses, to put towards purchasing a home in Connecticut, to invest in a business in Connecticut, or to save for retirement.

How do I claim my funds?

Between the ages of 18 and 30, beneficiaries may submit a claim for an allowable expense if they are a Connecticut resident and have completed an approved financial literacy course. More information on the claims process will be shared in the future.

What if I move out of state?

Connecticut residency is required to make a claim. However, residency is only required at the time of the claim. For example, if an eligible beneficiary moves out of state at age 10 but is a Connecticut resident when they make their claim, they would be eligible.

What if I or my family is no longer covered by HUSKY?

HUSKY coverage is only required for the birth. There are no other additional coverage requirements for an eligible beneficiary or their family.

What is an approved financial literacy course?

Ways to fulfill the financial literacy requirement, including approved courses, will be shared by the Treasurer in the near future.

Click here for news about Baby Bonds and here.

For more information, contact Jennifer Putetti, Director of Legislative Affairs at Jennifer.putetti@ct.gov or (860) 702-3281.