OLGT 2023-67: Cross Programs: SNAP into BabySteps

The Office of Economic Empowerment (OEE) is a department within the Office of the Treasurer and Receiver General of Massachusetts. The OEE is tasked with offering free and accessible financial education, promoting wage equality, and creating a bright future for children across the state. BabySteps is Massachusetts’ first statewide children’s savings account program. The BabySteps Savings Plan jump-starts families into saving for their children’s future postsecondary educational and vocational goals as early as birth with a free $50.00 seed deposit to open a U.Fund 529 savings account (within one year of birth or adoption of the child). The 529 savings account is a tax advantaged investment plan offered by the Massachusetts Educational Financing Authority (MEFA) and is managed by Fidelity Investments. The OEE is working with the Department to offer a new benefit “SNAP into BabySteps” for participants enrolled in both the BabySteps Savings Plan and the Supplemental Nutrition Assistance Program (SNAP). This benefit makes every Massachusetts child who is enrolled in the BabySteps Savings Plan and SNAP (within one year of their birth) eligible to receive a monthly deposit of $10 into their MEFA U.Fund 529 account for a period of one year. This benefit will be in addition to the BabySteps $50 seed deposit, provided when the 529 account is opened, making the total value of deposits $170.