CSAs – Join the Campaign to Create a State Mechanism for Children’s Savings Accounts!
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Transcript of CSAs – Join the Campaign to Create a State Mechanism for Children’s Savings Accounts!
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Children’s Savings Accounts Join the Campaign!
RE:Conference, Salem OROctober 29, 2015
Jill WinsorNancy Yuill
Elena FracchiaOregon Asset Building Coalition
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Oregon Asset Building Coalition
Mission
Values
Goal
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What are Children’s Savings Accounts?• Long term asset-building accounts• Established for children as early as birth &
allowed to grow over their lifetime.
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Why Are CSAs Exciting?
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Children’s Savings Policy Overview• 2004-2009: SEED Initiative drove CSA advocacy
• Incremental wins, but no breakthroughsState Policy Win
AR Authorized & funded pilot project with commitment to expand
TX Authorized (but didn’t fund) matched prepaid tuition program
KY, OK, HI, IL Enacted Study Commissions
OK, TX, CA, ND, HI “Planted a flag” by introducing legislation
• Challenges Advocates needed to explain, show effectiveness AND build political
support Coincided with recession: no interest in programs that cost money
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Series1
0 5 10 15 20 25 30 35 40
1
12
36
State Adoption of Children’s Saving Policy
36Universally Available Incentive
Targeted Incentive for LMI Families
Incentive to Noncustodial Parents
Current Policy Landscape
On policy agendas in more than 20 states
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Universal Match
3 states
Current Policy Landscape
Of the 36 states with universally available incentives for college savings …
Tax Credit 3 states
Tax Deduction
29 states
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Road to CSAs in 2017Fall 2015: • Current & new partners have begun to engage with campaign.• Coalition begins to outline campaign strategy & develop a plan for interim.
Spring 2016:• CSA design work is under way.• Legislators identify as CSA champions & ready to move CSAs forward during 2017 Session.
By Summer 2016:• Coalition engages other allies and philanthropic orgs.• Legislative ask is defined & drafted.
By Fall 2016:• CSA campaign has broad participation form wide range of sectors. • Coalition leadership has shared understanding of strategy, tactics, timeline & roles.• Bill is introduced by committee.
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Beginning of legislative session 2017:• CSA advocates have unified voice & increased capacity to advocate within the legislature. • Philanthropic groups are ready with a commitment to match State investment in CSAs.
During legislative session, 2017:• Energy & excitement builds amongst CSA advocates who take action to advocate for CSAs.• Legislative champions are ready to move bill forward. • Broad set of legislators understand & support CSAs, believe in the potential and promise of
CSAs.
End of legislative session 2017:• Political will exists to move CSAs forward in a statewide, bipartisan manner. • State Treasurer’s office implements CSAs.
Final Goals• By 2019, Oregon has a state platform for Children’s Savings Accounts, with a base
level deposit made in each account.• The state program is enhanced by the participation of several state and regional
foundations.
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Join Us!Using the Oregon AB Coalition Values as our
touchstone, we want your thoughts on some key questions….
• What should be the program goals? • Who should we serve? • When and how should they sign up?• What’s important in account design?• What do they get?
We want your help on our team!
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Examples of Program Goals• Increasing college savings & affordability
• Fostering a college-bound identity in children & promoting educational achievement
• Increasing college attendance & completion
• Increasing child & family financial capability and savings habits
• Building lifelong assets
• Other goals?
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Who will be served?Who is the target population?• Participant’s age at enrollment • Eligibility criteria -- universal, or limited? • Program reach (i.e., geographic area or
institution to target) • Other targeting criteria?
How should participants enroll?• Through which system? Schools? At birth? • Will participants be automatically enrolled (opt
out) or will they self-enroll (opt in)?
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How important are these elements of account design?
• No need for Social Security Number • Flexible options for making deposits• Physical branch locations• Easy access to account balances• Low fees and costs• Balances not counted towards asset limits• Other considerations for the account
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What will they get?Should there be incentives?• Larger initial deposit for families of
low income?• Matched savings for families of LI to
incentivize more deposits over time?
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Debrief
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Design team, decision making and advocacy
• Who is interested in helping design the program?
• Who can ask their organization to become a member of the coalition?
• Who else needs to be at the table to help us achieve CSAs in 2017?