The bill establishes an abortion savings program in Washington State, designed to provide grants that ensure access to direct patient abortion clinical care services for individuals with limited resources. A new section added to chapter 43.70 RCW outlines the program's purpose, which includes awarding operating grants to eligible organizations that promote equitable access to abortion services. The bill mandates that at least 85% of the funds appropriated for the program be distributed as grants, while also ensuring the confidentiality of identifying information related to grant recipients and service providers. Additionally, a new section to chapter 48.14 RCW imposes an annual coverage assessment on health carriers, contributing to the abortion savings account, with specific rates set for the first year and subsequent years.

Furthermore, the bill amends RCW 43.84.092 to establish a treasury income account within the state treasury, which will receive all earnings from investments of surplus balances. This account will manage funds related to federal programs as mandated by the federal cash management improvement act of 1990, allowing for refunds and allocations of interest earnings without requiring appropriation. The state treasurer is tasked with distributing earnings from this account to the general fund and various specified accounts, including the newly inserted "abortion savings account." The bill emphasizes that no treasury accounts or funds shall receive earnings without a specific affirmative directive, ensuring compliance with constitutional requirements. Overall, the legislation aims to enhance the management and distribution of state fund earnings while introducing new provisions for specific accounts.