New York A 7415: Designates a portion of the state highway system as the "SP4 George Harold Fry Memorial Highway"

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A07415 Summary:

BILL NOA07415 

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SAME ASNo Same As

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SPONSORAnderson

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COSPNSR

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MLTSPNSR

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Establishes a baby bond pilot program for foster youth.

Go to top A07415 Actions:

BILL NOA07415 

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03/25/2025referred to children and families

01/07/2026referred to children and families

Go to topA07415 Committee&nbspVotes:

Go to topA07415 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07415 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7415

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 25, 2025
 ___________

 Introduced by M. of A. ANDERSON -- read once and referred to the Commit-
 tee on Children and Families

 AN ACT to establish a "baby bond" pilot program for foster youth; and
 making an appropriation therefor

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. 1. (a) There is hereby created a pilot program to be under
 2 the New York city Administration for Children's Services to provide
 3 funds through bonds ("baby bonds") to support foster care youths of
 4 low-income households with statistically low likelihood of adoption (age
 5 8-18) and limited familial support living outside of the custody of a
 6 familial relative.
 7 (b) For the purposes of this act, "baby bond" shall mean an annuity
 8 investment fund deposited in a lump-sum and/or in monthly installments
 9 to accrue wealth during a period of time. Such annuity shall not be
 10 distributed as it appreciates and shall continue to receive deposits
 11 until it reaches maturity.
 12 2. (a) The participants in such program shall be selected by the
 13 administration for children's services from among foster care youths in
 14 the city of New York as follows:
 15 (i) 500 children shall be selected from ages 8 to 11, for whom the
 16 initial deposit shall be $1,000.
 17 (ii) 500 children shall be selected from ages 12 to 14, for whom the
 18 initial deposit shall be $5,000.
 19 (iii) 500 teenagers shall be selected from ages 14 to 17, for whom the
 20 initial deposit shall be $10,000.
 21 (b) $100 per month shall be deposited into each such account until the
 22 age of 25.
 23 3. The administration for children's services shall hire a not-for-
 24 profit organization to execute this pilot program which shall:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05370-01-5

 A. 7415 2

 1 (a) provide financial counseling for the program participants, includ-
 2 ing quarterly financial education trainings;
 3 (b) provide updates on the amount in each participant's annuity to
 4 facilitate long-term planning; and
 5 (c) steward the baby bond fund, which shall be invested in the same
 6 manner as the funds of the New York city employees' retirement system.
 7 4. Upon reaching age 25 participants shall be allowed to access the
 8 annuity for the following qualified uses:
 9 (a) transfer to a business account to support business development;
 10 (b) down payment for the purchase of such participant's primary resi-
 11 dence or build equity in such participant's existing residence; and
 12 (c) payment towards student loans or the cost of education.
 13 5. If such funds are not drawn upon for qualified expenses by the age
 14 of 40, such funds shall be converted into an individual retirement
 15 account using its existing investment composition for distribution at
 16 retirement. If a participant is adopted at any point during the pilot
 17 program, such participant shall no longer receive monthly deposits,
 18 unless such participant maintains their participation in the study
 19 voluntarily and in full.
 20 6. The costs of such program, subject to appropriation, shall be as
 21 follows:
 22 (a) $8,000,000 for initial deposits in the accounts of the 1,500
 23 participants.
 24 (b) $1,800,000 annually in monthly $100 deposits into the partic-
 25 ipants' accounts.
 26 (c) $750,000 annually for the not-for-profit organization to conduct
 27 their financial management and counseling services while collecting data
 28 for annual reports.
 29 7. The administration for children's services shall prepare an annual
 30 report to monitor progress on the over