CT SB01235

Restructures the Investment Advisory Council by clarifying membership, adding recusal requirements for members with conflicts of interest, and establishing that public members cannot serve more than two consecutive terms.

Modifies contract approval procedures for investment-related services: the Treasurer must notify the council of contracts deviating from the investment policy statement, and the council has 45 days to file a written review before the Treasurer can proceed.

Establishes the Connecticut Baby Bond Trust effective July 1, 2023, funded through state bonds of up to $600 million with annual caps of $50 million per fiscal year from 2025-2036.

Designates beneficiaries born in Connecticut to receive up to $3,200 from the trust upon reaching age 18 after completing a financial literacy requirement, with eligible use for higher education and other expenses.

Declares that disbursements from the Baby Bond Trust are exempt from state taxation and excludes beneficiary funds from counting as assets for public assistance eligibility or need-based institutional aid determination.