![]() Ĭan I apply with a paper application form? For more information please review this document. Most public benefit programs are not affected by savings in a 529 account up to a certain limit. ![]() Will the BabySteps program affect my public benefits? The founding sponsor of the program is the Hildreth Stewart Charitable Foundation, with additional funding support from MEFA. Through the Economic Empowerment Trust Fund, public-private partnerships will be developed to fund the seed deposit. The $50 deposits for BabySteps will be funded without the use of taxpayer dollars. These accounts are specifically offered through the Massachusetts U.Fund, which is offered by MEFA and managed by Fidelity Investments. A 529 account is designed to encourage saving for college, vocational school, and other education expenses. Research shows at-birth children's savings account programs maximize the opportunity for a positive impact on children’s social-emotional health and development of college-bound identity.Įvery savings account affiliated with the BabySteps Savings Plan will be a MEFA U.Fund 529 account, a tax-advantaged plan authorized by Section 529 of the Internal Revenue Code. Opening a MEFA U.Fund 529 account at birth allows more time for savings to accumulate and parents to make contributions to the account. Why open a MEFA U.Fund 529 account at birth? After opening the account, families can begin making contributions and will receive information about growing their children’s accounts. Eligible BabySteps accounts will receive the free $50 deposit approximately 6 weeks after they are opened. The account creator has 30 days from account opening to opt out of the program if he or she does not want to receive the $50 deposit. How does the BabySteps Savings Plan work?įamilies who want to participate in the BabySteps Savings Plan need to open a MEFA U.Fund 529 account. The account creator has 30 days from account opening to opt out of the program if he or she does not want to receive the $50 deposit.Įvery child born or adopted who is a Massachusetts resident will be eligible* to receive a $50 seed deposit into his or her MEFA U.Fund 529 account from the State Treasurer's Office. How long will it take to receive the $50 deposit after I have created my child’s MEFA U.Fund 529 account?Įligible BabySteps accounts will receive their free $50 deposit approximately 6 weeks after they are opened.
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