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2017 New Hampshire Revised Statutes
Title XV - EDUCATION
Chapter 195-J - NEW HAMPSHIRE CHILDREN'S SAVINGS ACCOUNT PROGRAM
Section 195-J:3 - Duties of the Commission.
Universal Citation: NH Rev Stat § 195-J:3 (2017)
195-J:3 Duties of the Commission. –
The commission shall:
I. Investigate methods for encouraging increased participation of families with young children, including those of low and moderate income, in the New Hampshire college tuition savings plan as defined in RSA 195-H and other children's savings plans.
II. Establish and promote kindergarten to college savings plans pilot programs in Coos county and in the city of Manchester no later than September of 2016, which would consist of creating a savings account at a local financial institution with a minimum deposit of $50.00 for each eligible child attending public kindergarten in Coos county and in the city of Manchester, and would include financial literacy education for such children and their families in cooperation with local public schools. The pilot programs shall be funded to the extent of any gifts, grants, or donations received from any source.
III. Establish policies that ensure that children's savings accounts are accessible and eventually offered on an opt-out basis statewide, are seeded with gifts, grants, or donations from local or private philanthropic foundations, and are connected to local public school financial literacy education programs.
IV. Develop administrative and operational practices such as staffing, structuring, managing, marketing, and funding mechanisms to sustain a statewide children's savings accounts program and include clearly stated objectives, action plans, and evaluation procedures.
V. Establish recordkeeping and reporting procedures regarding the status of the children's savings account program fund, including records of beginning balances, contributions, earnings, bonuses, and matches earned by each program participant during the fiscal year.
VI. Establish a fund raising plan to secure state matching funds from federal, state, or private sources.
VII. Establish ongoing communication with the New Hampshire college tuition savings plan advisory commission established in RSA 195-H to ensure that more families become educated about the potential of investing in the New Hampshire college tuition savings program, and to facilitate the advisory committee's future administration and responsibility for the children's savings account program.
I. Investigate methods for encouraging increased participation of families with young children, including those of low and moderate income, in the New Hampshire college tuition savings plan as defined in RSA 195-H and other children's savings plans.
II. Establish and promote kindergarten to college savings plans pilot programs in Coos county and in the city of Manchester no later than September of 2016, which would consist of creating a savings account at a local financial institution with a minimum deposit of $50.00 for each eligible child attending public kindergarten in Coos county and in the city of Manchester, and would include financial literacy education for such children and their families in cooperation with local public schools. The pilot programs shall be funded to the extent of any gifts, grants, or donations received from any source.
III. Establish policies that ensure that children's savings accounts are accessible and eventually offered on an opt-out basis statewide, are seeded with gifts, grants, or donations from local or private philanthropic foundations, and are connected to local public school financial literacy education programs.
IV. Develop administrative and operational practices such as staffing, structuring, managing, marketing, and funding mechanisms to sustain a statewide children's savings accounts program and include clearly stated objectives, action plans, and evaluation procedures.
V. Establish recordkeeping and reporting procedures regarding the status of the children's savings account program fund, including records of beginning balances, contributions, earnings, bonuses, and matches earned by each program participant during the fiscal year.
VI. Establish a fund raising plan to secure state matching funds from federal, state, or private sources.
VII. Establish ongoing communication with the New Hampshire college tuition savings plan advisory commission established in RSA 195-H to ensure that more families become educated about the potential of investing in the New Hampshire college tuition savings program, and to facilitate the advisory committee's future administration and responsibility for the children's savings account program.
Source. 2015, 271:2, eff. July 1, 2015.
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