Bill > S655

This bill establishes a special commission, referred to as the Children's Savings Account Study Commission, to investigate the practicalities of creating, organizing, managing, promoting, and funding a universal college savings account program designed to improve access to higher education and financial literacy for families with low to moderate incomes. The commission will be composed of various legislative leaders, state officials like the Secretary of Education and the Governor (or their designees), chairs of key legislative committees including Higher Education and Ways and Means, and two parents nominated by the Massachusetts Parent Teacher Association, at least one of whom has a child eligible for free or reduced lunch. The commission's duties include reviewing similar programs like San Francisco's Kindergarten to College (K2C) initiative, estimating the number of children who would benefit, considering how the accounts could help recipients build assets, engaging with Massachusetts financial institutions and philanthropic organizations, studying marketing strategies, gathering input from relevant individuals and entities such as the state treasurer and school officials, and ultimately developing a proposal for the Commonwealth that outlines expected investment per student, account management rules, application processes, and administrative expenses. The commission will elect a chairperson, needs four members for a quorum, and must submit its findings and any proposed legislation to the clerks of the House and Senate, as well as the House and Senate Committees on Ways and Means, by January 1, 2016.