The bill seeks to improve the coordination and alignment of Washington's P20W system, which integrates early learning, K-12 education, postsecondary education, and workforce development. It establishes a partnership between the state and philanthropic organizations to identify and support existing initiatives, align funding priorities, and enhance transparency and accountability. A key feature of the bill is the creation of the P20W public-private partnership account, which will receive funds from various sources to support initiatives aimed at strengthening the P20W system and preparing students for a global economy. Nonprofit organizations funded through this account will convene advisory groups to develop recommendations for enhancing the state's education vision and increasing postsecondary access.

Additionally, the bill modifies the distribution of earnings from the investment income account governed by chapter 43.88 RCW, specifying that no appropriation is needed for payments to financial institutions, which must occur before earnings are distributed to the state general fund. It outlines how various accounts, including the newly established P20W public-private partnership account, will receive their share of earnings based on average daily balances. The bill also clarifies that certain accounts will receive 80 percent of their proportionate share of earnings and includes provisions for the expiration and effective dates of specific sections, ensuring effective management of earnings distribution in compliance with constitutional requirements.