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. To qualify, the infant must be born to a family with an annual household income not exceeding 200 percent of the federal poverty level and must establish residency in New Jersey within six months of birth. The program is designed to help families save for future expenses such as post-secondary education, home acquisition, and business capitalization.

The management of the Baby Bond Account Fund will be overseen by an 11-member Baby Bond Account Board, which includes both ex-officio members and public representatives appointed by state leaders. The board is responsible for the fund's investments and ensuring that the returns are commensurate with the associated risks. Additionally, the executive director of the program will be tasked with notifying families of their eligibility, providing information on the application process, and offering economic literacy training to help families understand financial management. The bill also stipulates that funds in individual accounts can only be distributed when the account holder turns 18, with certain exceptions for educational expenses.