The bill amends Chapter 42-72 of the General Laws by adding a new section, 42-72-37, which establishes procedures for the Department of Children, Youth, and Families (DCYF) to apply for social security benefits, supplemental security income, and veterans benefits on behalf of youth in their care. It defines key terms, including "benefits," and outlines the roles of the youth's attorney and guardian ad litem. The DCYF is required to assess the eligibility of youth for these benefits upon gaining temporary custody or guardianship and to file applications if they are deemed eligible. The department must also notify relevant parties about the applications and any communications regarding the benefits.

Additionally, the bill mandates the creation of segregated savings accounts for youth in foster care receiving various benefits to ensure that these funds are conserved without exceeding federal asset limits. It includes provisions for establishing a Social Security Plan to Achieve Self-Support account and special needs trusts, while ensuring compliance with federal requirements. The DCYF is responsible for providing annual accountings of the benefits' usage and conservation, as well as final accountings upon the termination of guardianship. The bill emphasizes the importance of financial literacy training for youth starting at age fourteen and requires the department to adopt rules and regulations by October 1, 2025, to implement these provisions, with reports to be filed with the general assembly regarding the management of youth benefits. The act will take effect upon passage.