Bill > HF4872

This bill establishes a "foster care benefits trust" to manage and protect cash benefits, such as Supplemental Security Income (SSI) and other government benefits, that children in foster care are entitled to receive. The trust will be managed by a selected financial institution and overseen by the foster youth ombudsperson and the commissioner of children, youth, and families. Financially responsible agencies, which are entities like county social services agencies responsible for a child in foster care, are required to assess a child's eligibility for these benefits, apply for them, and deposit them into the trust. The bill also includes provisions for reimbursing these agencies for the benefits they deposit, establishes a repayment program for individuals who had benefits improperly diverted in the past, mandates financial literacy training for foster youth, and outlines a reporting requirement to the legislature. Importantly, the trust assets are protected from state creditors and are not subject to state appropriation, ensuring they are solely for the benefit of the youth. The bill also makes appropriations from the general fund to establish and operate the trust and the repayment program.