Plain English Breakdown
The official text confirms the creation of a board and fund but does not specify the number of directors or their qualifications.
Georgia Baby Bond Savings Plan
This bill creates the Georgia Baby Bond Savings Plan for minors, establishes a board to manage it, and allows the state legislature to contribute money.
What This Bill Does
- Creates the Georgia Baby Bond Savings Plan for minors.
- Establishes a fund within the state treasury to hold plan assets.
- Forms a board of directors to run the plan and invest its funds.
- Sets rules for who can join the plan based on eligibility requirements.
- Allows the General Assembly to give money to the plan with minimum contribution amounts.
- Requires annual financial statements be sent to people who own savings trust accounts in the plan.
Who It Names or Affects
- Minors living in Georgia
- The board of directors created for the new plan
- Owners of savings trust accounts under this program
- The General Assembly
Terms To Know
- General Assembly
- The state legislature that makes laws and can give money to the plan.
- State Treasury
- The place where the government keeps its money, which will hold funds for this savings plan.
Limits and Unknowns
- The bill text does not list specific details about who exactly qualifies as eligible.
- The exact amount of minimum contributions from the General Assembly is not stated in the summary provided.
- No effective date for when this law starts is listed in the source material.