CHILDREN'S BENEFITS ACCOUNT ACT

SB 333 creates a system for managing Social Security benefits received by children in New Mexico's foster care system. It requires the Children, Youth and Families Department (CYFD) to become the official "representative payee" for all children in its custody who receive federal retirement, survivor, or disability benefits under Social Security. The bill mandates CYFD to establish no-cost benefits accounts for these children, deposit monthly payments into them, provide annual account statements to children and guardians, and manage funds solely for the child's benefit. It also outlines procedures for transitioning benefits when children turn 17 or leave foster care, including closing accounts and providing audited statements.