The bill amends several 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 definitions and provisions related to the account. It 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. The bill also outlines the criteria for covered employers and employees, as well as the definitions of various terms related to the Washington saves program, including "individual account," "IRA," 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 reinvested. It specifies that the Washington saves administrative trust account will receive its proportionate share of earnings from the investment income account. 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. This legislative update aims to enhance the operational framework of the Washington saves program and ensure proper management of the associated trust account.

Statutes affected:
Original Bill: 19.05.010, 19.05.110