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Treasurer proposes $500K baby‑bonds pilot admin funding, Vermont Saves and medical‑debt measures
Summary
The Treasurer asked for $500,000 to administer a baby‑bonds pilot, proposed changes to Vermont Saves (including allowing traditional IRAs alongside Roths and raising auto‑escalation to 10%), updated ABLE program statistics and proposed a $1 million one‑time appropriation to eliminate $100 million in medical debt under a proposed legislative plan.
The State Treasurer outlined several financial inclusion and consumer finance initiatives in testimony to the Senate Appropriations Committee on Feb. 21, including a $500,000 request to cover administrative expenses for a legislatively authorized baby‑bonds pilot, changes to the Vermont Saves retirement program, an update on ABLE accounts for people with disabilities, and a proposed medical‑debt relief plan.
On baby bonds, the Treasurer said the legislature authorized a pilot last year and the office is seeking $500,000 to cover administration, independent evaluation and related startup costs (the Treasurer said philanthropic dollars would fund the individual grants). The pilot is…
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