Bill > A01305

This bill establishes a comprehensive financial support and education program for foster children over the age of 16, administered by the Office of Children and Family Services. The program will create independent development savings accounts with specific restrictions, such as limiting withdrawals until the account reaches $2,000 or after one year, and requiring in-person withdrawals. Financial institutions will partner with the office to provide these accounts, and the program aims to encourage financial literacy by requiring foster children to attend classes covering topics like banking, credit management, investing, and career and education planning. The bill also includes provisions for potential matching funds from public and private entities, financial incentives for participating in educational classes, and allows deposits from various sources including employment earnings, gifts, and contributions from foster parents or relatives. The program mandates entry and exit surveys to assess participants' financial knowledge and requires annual evaluations and reports to state leadership, with the first comprehensive report due by April 1, 2028. The ultimate goal is to help foster children develop financial skills and independence as they transition out of the foster care system.

Education

https://www.nysenate.gov/legislation/bills/2025/A1305