The New Jersey Baby Bond Account Program Act establishes a program within the Department of the Treasury aimed at providing financial support to eligible infants born on or after January 1, 2021. Each eligible individual will receive a $2,000 deposit into an individual account funded by the Baby Bond Account Fund, which is appropriated $70,000,000 from the General Fund. Eligibility is determined based on the household income not exceeding 200 percent of the federal poverty level. The program is designed to help families save for future expenses, including post-secondary education, home acquisition, and business capitalization.

The act also creates a Baby Bond Account Board to oversee the fund's investments and administration, consisting of 11 members, including five ex-officio members and six public representatives. The board will be responsible for managing the fund, ensuring that investments are made prudently, and providing economic literacy training to families of eligible individuals. The executive director, appointed by the board, will handle the program's administration and ensure families are informed about eligibility and account management. The funds in individual accounts are restricted from distribution until the account holder turns 18, with specific exceptions for educational expenses.