Introduced by Senator Snelling of Chittenden District and Senator White of Windham District
Subject: Welfare; Reach Up; assets
Statement of purpose: This bill proposes to provide asset protection for
low income beneficiaries of public benefits and to encourage financial literacy and asset building.
AN ACT RELATING TO FINANCIAL LITERACY AND ASSET BUILDING OF LOW INCOME VERMONTERS
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 33 V.S.A. § 1103(c)(5) is amended to read:
(5) The value of assets accumulated from the earnings of adults and children in participating families and from any federal or Vermont earned income tax credit shall be excluded for purposes of determining continuing eligibility for the Reach Up program.
Sec. 2. 33 V.S.A. § 1101(27) is amended to read:
(27) “Work activities” means attendance at a financial literacy class and the following activities limited to the extent and degree that they are allowed and countable in accordance with Part A of Title IV of the Social Security Act:
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Sec. 3. 33 V.S.A. § 1113(d)(1) is amended to read:
(d)(1) A participant required to fulfill a work requirement shall accept any unsubsidized job he or she is capable of performing, even if it pays wages that are less than the financial assistance grant, except that a participant may participate in a financial literacy class to fulfill the work requirement in whole or part and may defer accepting an unsubsidized job until such time as the class is finished. In cases in which monthly wages are less than the financial assistance grant and the family is otherwise eligible, the wages shall be supplemented with a partial financial assistance grant. The commissioner shall establish by rule criteria for jobs that must be accepted if offered, including the criterion that each job must pay at least minimum wage.
The Vermont General Assembly
115 State Street