The bill amends Chapter 42-72 of the General Laws concerning the Department of Children, Youth, and Families (DCYF) by introducing a new section that mandates the department to assess and apply for social security benefits, supplemental security income, veterans benefits, and railroad retirement benefits on behalf of youth in their custody. The department is required to identify a representative payee for these benefits and must notify the youth, their attorney, guardian ad litem, and legal guardians about any applications or communications regarding these benefits.

Additionally, the bill outlines the department's responsibilities in managing these benefits, including conserving a percentage of the funds for the youth's future needs. Specifically, it requires that beginning January 1, 2026, a minimum percentage of the youth's supplemental security income benefits and, starting July 1, 2026, a minimum percentage of the youth's social security benefits, veterans benefits, or railroad retirement benefits be conserved as the youth ages. The percentages are set at 40% from ages 14 to 15, 80% from ages 16 to 17, and 100% from ages 18 to 20, contingent upon a court order.

The bill also mandates annual accounting of how the benefits are used and conserved, as well as a final accounting when the department's guardianship is terminated. The department must provide financial literacy training and support to the youth, beginning at age 14, regarding the existence, availability, and use of conserved funds.

Furthermore, the department is required to report to the General Assembly by January 1, 2027, on youth in care who receive benefits not subject to this section, discussing goals for expanding conservation of benefits. Annual reports beginning January 1, 2028, will include information on the number of youth entering care, the types of benefits received, applications filed, and the number of conserved accounts established for these youth. The act is set to take effect upon passage.