The bill amends various sections of the Revised Code of Washington (RCW) to update the Washington saves administrative trust account, specifically changing the terminology from "treasury" to "trust" in the account's name. It clarifies definitions related to the Washington saves program, including terms such as "administrative account," "covered employee," and "covered employer." The bill also outlines the responsibilities of the administrative agency that will support the governing board of the program, which is set to begin no later than July 1, 2027.

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 specifies that the Washington saves administrative trust account is exempt from appropriation and allotment provisions, allowing for more flexible financial management. The bill establishes an expiration date for certain sections, with Section 3 expiring on July 1, 2030, and Section 4 taking effect on the same date.

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