The bill establishes the Washington Retirement Futures Task Force, which is tasked with analyzing and recommending improvements to retirement savings options for private sector employers and employees in Washington. The task force will consist of various appointed members, including legislators, representatives from the financial and insurance industries, and advocates for small and minority-owned businesses. Its responsibilities include examining the current retirement marketplace, exploring the feasibility of a state-administered retirement program, and identifying necessary structures and compliance requirements for such a program.

The task force is required to report its findings and recommendations to the governor and relevant legislative committees by December 1, 2024, with the section of the bill establishing the task force set to expire on August 1, 2025. Staff support will be provided by the Department of Financial Institutions, and while legislative members will be reimbursed for travel expenses, non-legislative members will not receive reimbursement if they are elected officials or representing an organization.