This 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 various benefits, including social security benefits, supplemental security income, veterans benefits, and railroad retirement benefits, on behalf of youth in their custody. The bill outlines the responsibilities of the department, including the requirement to identify a representative payee, notify relevant parties about applications and communications regarding benefits, and ensure that a minimum percentage of benefits is conserved for the youth as they age.

Specifically, the department is required to conserve at least 40% of benefits for youth aged 14-15, 80% for those aged 16-17, and 100% for those aged 18-20, provided a court order is in place. The bill emphasizes the importance of financial literacy training for youth starting at age fourteen.

Additionally, the bill requires the department to provide an annual accounting of how the youth's benefits have been used and conserved, as well as a final accounting when the department's guardianship is terminated. It mandates the establishment of segregated savings accounts for youth receiving benefits, which would be exempt from asset limits to maintain eligibility for future benefits. The department is also tasked with reporting to the General Assembly on various metrics related to youth in care and their benefits, with the aim of expanding conservation of benefits to all children under their care. The provisions of this act are set to take effect upon passage.