[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},"mediaId",6059169,"mediaKeyId","3295268-279e1bffeaaa182727431f16e8fd6060","parentId",3295268,"title","Treasurer’s office outlines baby bonds pilot plan, seeks private fundraising and evaluation partners","audioSeconds",1356,"startMs",887000,"endMs",2243000,"viewUrl","/Search/View?dp=1&key=3295268-279e1bffeaaa182727431f16e8fd6060&start=887&end=2243","thumbnailUrl","https://assets.pipeline.soar.com/3295268-279e1bffeaaa182727431f16e8fd6060/thumbnail_887000.jpg","articleUrl","/articles/6059169/Vermont/Treasurers-office-outlines-baby-bonds-pilot-plan-seeks-private-fundraising-and-evaluation-partners","mediaUrl","https://secure.pipeline.soar.com/6059169-00326b351527168ab32cb8d8bdf46522/orig.mp4?Expires=1770852493&Signature=YZtkLXmbC24fFyxgJEa21wiNI8licnoyjB-x4qE9VDKKMyAOASEI20ZN2TSMCeitJ35LIG2mk4r5Ch88zVc6HlFPqp3h6Kpji5jKMgs27C8LKvXPA~RV4h-3GBGRmjLHTmJiyiwFiW7YoT~mp2r-uVgDHQ~3NrRTDy4OXWhSs5QxUC4Hqc~nBGB5OG3M1IDP67389rLMc40sI3vaS4qE4n8SBW~G~zHebVPurNUXrnM9Ptr29bb0wdil1VvbYdGB5HzEe7hdX868qKZN0l6GD~7wUsy1esB5xj4N-DAql9l~-fYHsrXCx7lwZS~pdFZ8gicGFrVajAuCj~0~2L4D7A__&Key-Pair-Id=KUT5TJCACFTXG","author","","date","2025-05-14T01:50:06Z","article","Becky Wasserman, director of economic empowerment at the Vermont State Treasurer’s Office, told the House Committee on Commerce & Economic Development on May 13 that the office is developing a privately funded pilot for the baby bonds program authorized by the legislature last session and is pursuing fundraising, advisory input and evaluation partners.

Wasserman said the statutory baby bonds proposal previously presented by the Treasurer’s Office would have provided a $3,200 seed investment for babies born on Medicaid, to grow until individuals can access funds for education, starting a business, buying property or retirement between ages 18 and 30. ‘‘We did not get funding for the program, but the legislature did authorize us to do a pilot,’’ she said.

Because statewide implementation would take many years to produce outcome data, the office plans an accelerated pilot that would give older cohorts amounts comparable to the invested $3,200 — roughly $20,000 in her description — to generate measurable outcomes in a shorter time frame. Wasserman said the office has formed a baby bonds advisory committee, is preparing a fundraising proposal to solicit private philanthropy, and plans to issue an RFI for an evaluation partner.

The pilot will emphasize rural counties with higher Medicaid birth rates; Wasserman said statewide Medicaid births are about 40% of births, while in some Northeast Kingdom counties the rate is closer to 60%. ‘‘We would like to focus the pilot in the Northeast Kingdom, because we want to focus on sort of the most rural counties in Vermont,’’ she said.

Wasserman said the office has identified a program administrator with experience in other baby bonds pilots who can provide financial education modules and coaching and who partners with a financial advisory firm to offer optional advice to recipients. The office is also discussing partnerships with a local academic evaluator and a national research organization to design rigorous data collection and control cohorts so the pilot can measure impacts of funds plus wraparound services versus services alone.

Committee members asked whether pilot funds would require in-state use for education, business or property. Wasserman said the office has not made final program-design decisions and that requirements such as in-state restrictions on education or property purchases will be determined through stakeholder engagement and advisory committee recommendations.

Wasserman said the office wants to add legislative language to the pilot authorization to require ongoing reporting to the legislature and to create a distinct fund structure for a short-term pilot rather than a long-term trust. She noted the next advisory committee meeting is scheduled for July and that additional stakeholder engagement, including a youth council, is planned.

Next steps are finalizing the fundraising proposal, issuing an RFI for evaluation partners, convening stakeholders and drafting pilot-specific statutory language to add accountability and reporting requirements.","mediaType","Video","parentTitle","House Commerce - 2025-05-13 - 9:00AM","oneSentenceSummary","The Vermont State Treasurer’s Office said May 13 it will pursue a privately funded pilot of the baby bonds program authorized by the legislature last session, targeting the Northeast Kingdom and accelerated cohorts to produce earlier evaluation data; the statewide program was not funded in the last session.","taxTitle","Commerce & Economic Development, HOUSE OF REPRESENTATIVES, Committees, Legislative , Vermont","taxId",36720,"location","Vermont","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":56,"_74":56},6059174,"Vermont Saves reports 1,100 employers registered, $625,000 in participant assets",292,125000,417000,"/Search/View?dp=1&key=3295268-279e1bffeaaa182727431f16e8fd6060&start=125&end=417","https://assets.pipeline.soar.com/3295268-279e1bffeaaa182727431f16e8fd6060/thumbnail_125000.jpg","/articles/6059174/Vermont/Vermont-Saves-reports-1100-employers-registered-625000-in-participant-assets","https://secure.pipeline.soar.com/6059174-0f210ed45de64c86bd79464c284b4401/orig.mp4?Expires=1770852493&Signature=j3n4DqpaSy7~pl7tGhS32QpXxIfY4oquWbrtqc9X4Bb-Rh70MZAONq-x2r~twU67vMwmmOyuTBGvujuKJRxUMVcPlMFSwLe3M3cOokFcXb7mPqRleFSBGL5dsuh1AntTemj6FFQiuNpl~zc5au0o1z5Snpmo0Nw0ebZoiB5VH0jzzEdvI9EW9KajSJ~r9pExa-gIFcLw6aQls~0H9eyF9CkzcN4rcGX2B8GmfuaNu8wH4UR9UIi7wWEeJ~UHM-b0~00J9t0ygBCQ-NewTqKQyu26l-4TVfguiuUHsOfS72y1ZHOFp~ueJ1jC-OkcNbc4DmCmhALUcq8jDoq0OEBlKw__&Key-Pair-Id=KUT5TJCACFTXG","Becky Wasserman, director of economic empowerment at the Vermont State Treasurer’s Office, told the House Committee on Commerce & Economic Development on May 13 that about 1,100 employers have registered for the state’s Vermont Saves auto-IRA program, there are roughly 2,700 funded accounts and about $625,000 in assets under management.

The state launched a pilot in October 2024 and opened a full statewide launch on Dec. 1, 2024, with an initial three-month employer enrollment window. ‘‘We are going to continue the sort of enrollment process,’’ Wasserman said, adding that the treasurer’s office is ‘‘not inclined’’ to impose penalties for now and will focus on outreach to employers that have not registered.

Vermont Saves requires employers with five or more employees that do not already offer a workplace retirement plan to enroll employees in an opt-out Roth IRA via payroll deduction. The state contracts with Vestwell as program administrator and record keeper; Vestwell works with BNY Mellon for custody of accounts. ‘‘The state has partnered with a third-party vendor called Vestwell,’’ Wasserman said.

Wasserman told the committee the office identified roughly 7,000 employers potentially subject to the requirement by cross-referencing unemployment insurance records and forms that indicate existing plans, but that number likely overcounts employers because some plans do not require the same filing. She said about 2,800 employers have self-certified exemptions and roughly 46% of identified employers have provided no response so far; the office’s target response rate is about 70%.

The treasurer’s office has joined a multistate partnership called the Partnership for Dignified Retirement, led by Colorado, to lower participant fees and share administrative resources; Maine, Delaware and Nevada recently joined the partnership.

Wasserman explained eligibility rules shaped by federal law: the program excludes employees of employers that already offer workplace plans and, following state rulemaking effective Jan. 1, 2025, makes employees who are expected to work 500 hours or more in a calendar year eligible for enrollment. ‘‘We were trying to make the program accessible to people who work part time, temporary, or seasonal jobs,’’ she said.

Committee members asked about employer costs and small-business participation. Wasserman said Vermont does not impose fees on employers but acknowledged some payroll providers may charge to process payroll deductions. She also said employers with fewer than five employees are not currently required to enroll but that individuals can self-enroll in the program; the office reports about 30 self-enrolled accounts so far.

Committee discussion ranged from curiosity about eligibility limits to support for expanding access for small employers. Wasserman said the office is monitoring other states that have lowered employee thresholds and that lowering Vermont’s five-employee threshold is a likely future consideration.

The treasurer’s office said it will continue outreach and monitoring and will consider enforcement only after further education and communication with employers.

Next steps outlined to the committee included continued employer outreach, refining the employer contact list, and evaluating whether to lower the employer-size threshold for mandatory participation.","The Vermont State Treasurer’s Office updated the House Committee on Commerce & Economic Development on May 13 on the state-run Vermont Saves auto-IRA program, reporting nearly 1,100 registered employers, about 2,700 funded accounts and roughly $625,000 in assets while the office focuses outreach rather than penalties for noncompliant employers.","actionData","errors"]

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Treasurer’s office outlines baby bonds pilot plan, seeks private fundraising and evaluation partners

Vermont Saves reports 1,100 employers registered, $625,000 in participant assets