Bill > SF4635

This bill establishes a "foster care benefits trust" to manage financial benefits received by current and recent foster youth, ensuring these funds are preserved for their future needs. It mandates that financially responsible agencies (entities responsible for a child's foster care) must identify and apply for all cash benefits a child is eligible for, such as Supplemental Security Income (SSI) and other federal or state income. These benefits, instead of being used by the agency, must be deposited into the trust, managed by a selected financial institution. The bill also creates a repayment program to compensate individuals who were in foster care between 1976 and 2026 and whose benefits were improperly diverted by agencies. It outlines procedures for selecting a financial institution, reporting requirements for agencies and the state, and specifies how and when beneficiaries can access their funds, including provisions for financial literacy training and support for those transitioning out of foster care. Importantly, the trust assets are protected from state appropriation and creditor claims, and the bill includes measures for fraud prevention and accountability for agencies.