IL SB3470

Requires the Department of Children and Family Services (DCFS) to assess youth in care for eligibility for Social Security benefits, Supplemental Security Income (SSI), Veterans benefits, and Railroad Retirement benefits, and file applications on their behalf if potentially eligible

Mandates conservation of a minimum percentage of SSI benefits for youth ages 14-20 when DCFS serves as representative payee: 40% for ages 14-15, 80% for ages 16-17, and 100% for ages 18-20 (beginning January 1, 2023), with similar requirements for other benefits starting January 1, 2024

Requires DCFS to notify youth over 16, their attorneys/guardians ad litem, and parents of any benefits applications, communications from federal agencies regarding benefits, and appeals related to benefits

Directs DCFS to provide annual accountings to youth and their representatives detailing how benefits were received, used, and conserved, including specific disbursement information and documentation of any denied requests

Mandates financial literacy training for youth beginning at age 14, and requires DCFS to submit annual reports to the General Assembly on the number of youth receiving benefits, applications filed, and amounts conserved by age group