Existing law authorizes the Office of the State Treasurer to establish the Individual Development Account Program, the goal of which is to enable certain residents of this State who receive public assistance or social services to accumulate assets for use toward achieving a specific purpose relating to self-sufficiency. (NRS 422A.487-422A.497) Existing law: (1) requires that an individual development account be administered by certain nonprofit fiduciary organizations; (2) requires a fiduciary organization that participates in the Program to match deposits made by the holder of an individual development account into his or her account in an amount of not more than $5 for each $1 deposited; (3) prohibits an account holder from accruing more than $3,000 of matching funds in any 12-month period; and (4) authorizes a fiduciary organization to designate an amount less than $3,000 as a limit on matching funds in any 12-month period. (NRS 422A.495) Section 1 of this bill: (1) increases the maximum amount of matching funds that may be accrued by an account holder in any 12-month period from $3,000 to $10,000; and (2) removes the authority of a fiduciary organization to designate any lesser amount as a limit on matching funds, thus requiring a fiduciary organization to continue matching funds in any 12-month period until $10,000 is reached. Existing law requires the Nevada Statewide Council on Financial Independence to: (1) develop statewide priorities and strategies for helping persons who receive public assistance or social services to increase the financial independence of such persons; (2) coordinate with certain state agencies; and (3) oversee the Program. (NRS 422A.478-422A.486) Existing law authorizes, to the extent that money is available, certain compensation, per diem allowances and travel expenses of the members of the Council. (NRS 422A.481) Section 2 of this bill makes an appropriation to the Office of the State Treasurer for the payment of such compensation, per diem allowances and travel expenses of the members of the Council during the 2023-2025 biennium. Existing law authorizes a provider of foster care to establish an individual development account for a child placed in the care of the provider of foster care. (NRS 422A.493) Section 3 of this bill makes an appropriation to the Office of the State Treasurer in each fiscal year of the 2023-2025 biennium for the purpose of making a deposit of $15,000 into each such individual development account established by a provider of foster care for a child placed in the care of the provider and who will reach 18 years of age during the 2023-2025 biennium.

Statutes affected:
As Introduced: 422A.495
BDR: 422A.495