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 the context of the Washington Saves administrative account, emphasizing its purpose and management. The bill also clarifies the roles and responsibilities of the administrative agency that will support the governing board, which is set to begin operations by July 1, 2027. Additionally, it outlines the conditions under which covered employers operate and the definitions of various terms related to the program, such as "covered employee" and "individual account."

Furthermore, 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 accounts and funds based on their average daily balances. The bill also introduces new sections that set an expiration date for certain provisions on July 1, 2030, and specifies that other sections will take effect on the same date. This legislative update aims to enhance the structure and functionality of the Washington Saves program while ensuring compliance with state financial management practices.

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