(a) The Treasurer shall establish in the Connecticut Baby Bond Trust an accounting for each designated beneficiary. Each such accounting shall include the amount transferred to the trust pursuant to § 3-36h, plus the designated beneficiary’s pro rata share of total net earnings from investments of sums held in the trust.

(b) Upon a designated beneficiary’s eighteenth birthday and completion of a financial literacy requirement as prescribed by the Treasurer, such beneficiary shall become eligible to receive the total sum of the accounting under subsection (a) of this section to be used for an eligible expenditure. The Treasurer may adopt regulations, in accordance with the provisions of chapter 54, to carry out the purposes of this section.

(c) A designated beneficiary may submit a claim for such accounting until his or her thirtieth birthday, as prescribed by the Treasurer, provided such designated beneficiary is a resident of the state at the time of such claim. If a designated beneficiary (1) is deceased before submitting a valid claim, or (2) fails to submit a valid claim, as determined by the Treasurer, before his or her thirtieth birthday, such accounting shall be credited back to the assets of the trust.

(d) Subject to obtaining adequate consent authorizing the disclosure of confidential information related to designated beneficiaries in accordance with all applicable state or federal laws, the Treasurer and the Department of Social Services shall enter into a memorandum of understanding to establish information sharing practices in order to carry out the purposes of public act 21-111*.