Bill > H7051

This bill requires the Department of Children, Youth and Families (DCYF) to establish segregated savings accounts for foster care children who receive benefits such as Social Security, Supplemental Security Income (SSI), veterans benefits, or railroad retirement benefits, with the goal of managing these accounts and ensuring the child remains eligible for future benefits. The DCYF will be responsible for assessing eligibility, applying for benefits, and acting as a representative payee, meaning they will manage the funds on behalf of the child. The bill mandates that a specific percentage of these benefits, increasing with the child's age, must be conserved in these accounts, with 100% being conserved for those aged 18-20 if a court order allows the DCYF to manage the account. To prevent these funds from disqualifying the child from future aid, the DCYF must explore options like establishing a Plan to Achieve Self-Support (PASS) account, a 529 plan, an individual development account, an ABLE account, or a special needs trust, and must provide annual accountings of how the funds are used and conserved, along with financial literacy training for the youth. The DCYF is also required to report to the General Assembly on the implementation of these provisions and the number of children receiving and applying for these benefits.

Budget and Finance

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