The bill amends several sections of the Revised Code of Washington (RCW) related to the Washington Saves administrative trust account. Key changes include the redefinition of the "administrative account" to refer specifically to the Washington saves administrative trust account, which is now established in the custody of the state treasurer. The bill clarifies the roles and responsibilities of the administrative agency that will support the governing board, which must begin operations by July 1, 2027. Additionally, it outlines the conditions under which employers qualify as "covered employers" and specifies the definitions of various terms related to the Washington Saves program.

Furthermore, the bill includes provisions for the management of funds within the treasurer's trust fund, detailing how money can be deposited, invested, and reinvested. It mandates that all income from these investments be allocated to an investment income account, which can be used for banking services related to the trust funds. The bill also establishes an expiration date for certain sections, with Section 3 expiring on July 1, 2030, and Section 4 taking effect on the same date. The changes aim to enhance the operational framework of the Washington Saves program and ensure proper management of the associated funds.

Statutes affected:
Original Bill: 19.05.010, 19.05.110
Bill as Passed Legislature: 19.05.010, 19.05.110
Session Law: 19.05.010, 19.05.110