Baby New Year
Baby New Year is an in-game character in the now-defunct City of Heroes MMO.
He is often seen as the diminutive figure that needs to be rescued from Snaptooth in order for time to continue.
Stories of who and what he is vary.
Guardians of the Dawn Spotlight
According to "Guardians of the Dawn Spotlight" #6, Baby New Year is really an adult actor hired to play the role of a "baby" in need of saving. He really has no powers, he has no abilities, and time itself is not dependent on him. All of that is really just an act arranged by Father Time (aka Chronos) as a way for heroes and villains to show up at his Ski Chalet.
The character is replaced often as acting burnout is really high. New "Babies" are recruited from midget wrestling leagues and former male child actors looking to rekindle their "glory years". They used to recruit from dwarfs burned out from Dwarf-tossing contests, however that ended when the International Dwarf Union filed a civil rights lawsuit.
The "Baby New Year" that was rescued by Arktic Chill was really a former midget wrestler called "Baby Thunderclees". However that person was soon replaced when he revealed the whole scam to the hero.
(Check out his Paragon Wiki entry for more information.)