(a) On or before February 1, 2023, the Treasurer shall convene the California Hope, Opportunity, Perseverance and Empowerment (HOPE) Advisory Workgroup to work in coordination with the board on the program design, including, but not limited to, data sharing with relevant governmental agencies and departments, outreach to families of an eligible child and to eligible youth, and the process for program enrollment and continuous measurement of outcomes of the HOPE trust accounts.

(b) The advisory workgroup shall invite participation in the workgroup from the following entities:

(1) Representatives from the California Health and Human Services Agency, the State Department of Social Services, the State Department of Public Health, the State Department of Health Care Services, and the Department of Corrections and Rehabilitation.

(2) Community stakeholders with knowledge and experience in poverty alleviation, youth development, access to banking for underbanked individuals, asset building, race-wealth gap, consumer protections, and wealth coaching.

(3) Representatives of county human services agencies.

(4) The exclusive representatives of county child welfare workers.

(5) Tribal leaders and representatives of tribal service providers, tribal advocates, and tribal members.

(6) Representatives of the foster youth advocacy community with personal experience in the foster system.

(c) The workgroup shall specifically focus on, but need not be limited to, all of the following:

(1) Who is included as an “eligible child” and “eligible youth” under this chapter, including the ability to include individuals without social security numbers or individual tax identification numbers, the responsible agency for determining eligibility, and estimates of likely program enrollees by year.

(2) Necessary available data and data sharing agreements needed between government entities to meet the requirements of this chapter.

(3) Application of appropriate privacy protections under state and federal law in the identification of, and outreach to, an eligible child and eligible youth.

(4) Acceptable investment products, strategies, risk guidelines, and management requirements to ensure a balance between safety of the principal, liquidity, and expected yield or return.

(5) Actuarial estimates of the amount of investment per program enrollee and the range of financial outcomes.

(6) Effective outreach strategies to ensure accounts are established for the maximum amount of children who may be an eligible child and moneys are drawn down by eligible youth when available.

(7) Determination of necessary administrative components, such as information technology services, recordkeeping, and other services, as well as the ability to use state agency resources or the need for third-party administrators.

(8) Additional areas determined as critical to the implementation of the program, as identified during the course of the workgroup.

(9) Timelines for implementation of this chapter.

(d) The advisory workgroup may consult with additional experts, as necessary, to inform their recommendations.

(Added by Stats. 2022, Ch. 569, Sec. 57. (AB 156) Effective September 27, 2022.)