The bill being discussed concerns the management of Supplemental Security Income (SSI) benefits for foster children in Minnesota. Here are the key components:

1. Establishment of a Trust: The bill establishes a "Foster Children Assistance Trust" to manage and safeguard the SSI benefits received by foster children. This trust is intended to ensure that these funds are used exclusively for the benefit of the children who receive them and are protected from claims by state creditors.

2. Role of Financially Responsible Agencies: Such agencies must apply to manage SSI benefits for eligible foster children and are required to transfer these benefits to the trust. They must also inform each child over 18 years old about the trust and their potential entitlements.

3. Management of the Trust: The trust's funds will be placed in a separate account within the state treasury, and the Commissioner of Children, Youth, and Families will oversee the management of these funds, including annual reports on the trust's earnings and their disbursement to the children.

4. Reporting and Accountability: Financially responsible agencies must provide annual reports to the Commissioner, outlining the total amount and number of beneficiaries for whom they manage funds. The Commissioner must also produce annual reports on the financial impact of the trust on the state and its beneficiaries.

5. Disbursements: Once a foster child beneficiary turns 18, they will receive $10,000 yearly from the trust until the funds allocated to them are depleted.

In summary, this bill aims to secure and responsibly manage state and federal benefits for foster children to ensure that their financial needs are met during and potentially after their time in foster care.