Rhode Island § 35-24-7 - Rhode Island Baby Bond Trust

§ 35-24-7. Accounting for designated beneficiary — Claim for accounting.

(a) The general treasurer shall establish in the Rhode Island baby bond trust an accounting for each designated beneficiary. Each such account shall include the amount transferred to the trust pursuant to § 35-24-8, plus the designated beneficiary’s pro rata share of total net earnings from investments of sums as determined by the general treasurer and held in the trust.

(b) The department of human services shall notify the office of the general treasurer of the birth or enrollment of each designated beneficiary.

(c) Upon a designated beneficiary’s eighteenth birthday, if such a beneficiary is a resident of the state and has been for the two (2) years immediately preceding receipt of any distribution under this section, such beneficiary shall become eligible to receive the total sum of the accounting under subsection (a) of this section to be used for eligible expenditures.

(d) A designated beneficiary must submit a claim that meets the requirements set forth in this chapter before the designated beneficiary reaches thirty-five (35) years of age.

(e) If a designated beneficiary is deceased before their eighteenth birthday, does not submit a timely claim, or is no longer a resident of the state upon reaching thirty-five (35) years of age, such accounting shall be credited back to the general fund of the state.

(f) The general treasurer shall furnish each eligible beneficiary with an annual statement relating to the individual’s accounting, which shall include:

(1) A statement of the balance attributable to the individual;

(2) A projection of the balance’s growth by the time the individual attains the age of eighteen (18);

(3) Resources and information to promote financial wellness and literacy of the designated beneficiary; and

(4) Such other information as the general treasurer deems relevant.