Bill > SF3955

This bill establishes a trust for foster children receiving Supplemental Security Income (SSI) benefits. The key provisions are: 1. Financially responsible agencies must apply to be the payee for any foster child eligible for SSI benefits and remit those payments to the Commissioner of Human Services, who will deposit the funds into a separate trust account. 2. The trust must be managed to ensure stability and growth, and the assets are held for the exclusive benefit of the beneficiaries (the foster children) and are not subject to claims by the state's creditors. 3. The Commissioner must maintain records of the trust's receipts and disbursements, apportion any annual capital gains earnings to the beneficiaries' accounts, and notify beneficiaries between the ages of 14 and 18 about the tax implications of the SSI benefits received on their behalf. 4. Once a beneficiary reaches 18 years of age, the Commissioner must disburse $10,000 annually to the beneficiary until their account is depleted. 5. The bill also appropriates funds to the Commissioner to reimburse financially responsible agencies for the SSI benefits they send to the trust.