The bill amends existing laws related to the Washington Saves administrative trust account, specifically updating definitions and provisions in RCW 19.05.010 and RCW 19.05.110. Notably, the term "treasury" is replaced with "trust" in references to the Washington Saves administrative trust account, clarifying its purpose and management. The bill outlines the roles and responsibilities of the administrative agency that will support the governing board, which is set to begin operations by July 1, 2027. It also specifies the conditions under which employers qualify as "covered employers" and defines various terms related to the program, including "individual account" and "qualified retirement plan."

Additionally, the bill includes provisions for the management of funds within the treasurer's trust fund, detailing how money can be deposited, invested, and distributed. It establishes an investment income account for earnings from these investments, which will be allocated to various state accounts and funds based on their average daily balances. The bill introduces a new section that sets an expiration date for certain provisions on July 1, 2030, while also indicating that other sections will take effect on that same date. This legislative update aims to enhance the structure and functionality of the Washington Saves program, ensuring better retirement savings options for employees in the state.

Statutes affected:
Original Bill: 19.05.010, 19.05.110