07/01/2024
Treasurer Russell and Connecticut Hospitals Mark One-Year Anniversary of State’s Landmark CT Baby Bonds Program
Hartford, CT – Connecticut Treasurer Erick Russell acknowledged the completion of the first year of the historic CT Baby Bonds program on Monday and celebrated the births of the first children born in the second year of the program along with hospitals across the state.
“I’d like to welcome the newest Connecticut residents that are being born to find an unprecedented opportunity ahead of them,” said Treasurer Russell. “While we spend a lot of time talking about CT Baby Bonds in terms of its broad societal and economic impacts, all the hard work to get this initiative in place really hits home when you see the faces of those who will grow up to find that their state has made a direct investment in their future. On the first anniversary of CT Baby Bonds, I’d like to congratulate the parents and families of the newest participants and wish a happy first birthday to the very first children born enrolled in the program last July.”
Connecticut became the first state in the nation to launch a baby bonds program on July 1, 2023. Any Connecticut child born on or after that date whose birth was covered by HUSKY, the state’s Medicaid program, will have $3,200 automatically invested in a trust on their behalf. When those participants are between 18-30, they can claim the funds to be used for specific purposes intended to help build personal wealth, including:
- Buying a home in Connecticut
- Starting or investing in a Connecticut business
- Paying for post-secondary education or job training
- Saving for retirement
In the upcoming weeks and months, data will be presented on the first year of the program after health care claims through the end of June are reconciled.
It is anticipated that between 15,000-16,000 children will enter the program each year, covering all of the state’s 169 cities and towns. As of April 1, 2024, approximately 13,300 enrolled babies had been born, according to data from the Department of Social Services.
To mark the occasion and celebrate the bright future awaiting our youngest residents, Treasurer Russell has encouraged hospitals and other health care facilities across the state to share photos of families welcoming CT Baby Bonds babies into the world today and stories about what this program can mean for their future.
“At Stamford Health, we know one’s health and well-being is about more than just health care,” said Ben Wade, Senior Vice President and Chief Strategy Officer at Stamford Health. “The Baby Bonds program is an immense benefit to many of our youngest patients and their families, and an innovative way Connecticut is working to close the equity gap.”
“Griffin Health has been a strong supporter of Connecticut's first-in-the-nation Baby Bond Trust Program and is pleased to see this transformative program change the trajectory of lives by providing resources needed to create opportunity and break the cycle of poverty for the those that are part of the state’s most socially vulnerable populations,” said Griffin President and CEO Patrick Charmel. “Systemic poverty and the social vulnerability it creates negatively impact health and wellbeing which is why Griffin and the other Connecticut hospitals and health systems are staunch advocates of the Baby Bonds program and appreciate its ability to empower individuals to achieve a brighter future.”
“The Baby Bonds program is an amazing gift to the future of Connecticut’s children and their families. Providing startup capital aligns with our collective aim to build equity from the start,” said Kimberly Montero, Administrative Director, Division of Women’s Health at Hartford Healthcare.
There is no need for parents to enroll or apply for CT Baby Bonds. Enrollment is automatic. For more information about CT Baby Bonds, or to sign up for periodic email updates, visit babybonds.ct.gov.
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About the Office of the Treasurer
The Office of the Treasurer is charged with safeguarding Connecticut’s financial resources through prudent cash and debt management, with the State Treasurer serving as principal fiduciary for six state pension and twelve state trust funds. Additionally, the Office enhances the state’s fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut’s social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the only Black elected state treasurer in the country. To learn more, visit portal.ct.gov/ott.
Contact: Tyler Van Buren
tyler.vanburen@ct.gov | (959) 529-2468