SB 5752 — Creating the Washington future fund trust fund program.

(4) Committee reports to the legislature as required under this section may include recommendations for legislative action.

(5) Staff support for the committee is provided by the office of the state treasurer.

(6) Legislative members of the committee are reimbursed for travel expenses in accordance with RCW 44.04.120.

Stipends may be provided to cover the costs of attending meetings including transportation, lodging, and child care, if these costs are not covered by a committee member's employer.

(7)(6) Committee expenditures are subject to approval by the senate facilities and operations committee and the house of representatives executive rules committee, or their successor committees.

(8)(7) InThe compliance with RCW 43.01.036, the committee shall provide annual updates on the progress of its work including any legislative recommendations to the appropriate committees of the legislature annually starting December 1, 2023, through December 1, 2039, as well as provide a final report of its findings and recommendations to the appropriate committees of the legislature by December 1, 2040.

(9)(8) This section expires DecemberJanuary 31,1, 2044.2045.

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4 SSB 5752 NEW SECTION.

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4.

(1) The Washington future fund trust fund program is administered under the office of the state treasurer.

(2) The state treasurer may adopt rules to implement this chapter, including rules on all technical aspects related to the Washington future fund trust fund program including:

(a) A claims process for receipt of funds including distribution of funds;

(b) Balancing the right of the parent giving birth to opt out of disclosing information relevant for the designated beneficiary while allowing a person who believes oneself to be qualified to be a designated beneficiary alternative methods of proving eligibility to be considered a designated beneficiary;

(c) Determination of eligibility at the time of the claim including identification verification;

(d) Implementation of automated eligibility processes for designated beneficiaries where applicable;

(e) Creation of promotional campaigns to increase public awareness of beneficiary eligibility for the program;

(f) The identification and approval of financial education course offerings or equivalent;

and (g) Other technical considerations that may arise and be pertinent to the administration of the trust.

5.4.

AllThe receipts from all sources for the Washington future fund trustshall fundretain programits mustinterest beearnings depositedin intoaccordance thewith fund.RCW 43.79A.040.

An(2) appropriationThe istreasurer notshall requireddeposit forin expenditures and the fund isall notmoney subjectreceived tofor allotmentthe proceduresprogram, underincluding chapterstate 43.88appropriations RCW.and private contributions.

Only(3) Disbursements from the statefund treasurerare orexempt thefrom stateappropriations treasurer'sand designeethe mayallotment authorizeprovisions expendituresof fromchapter the43.88 fund.RCW.

(2)(4) AllMoney moneysused infor theprogram fund,administration allby property and rights purchased from the fund,treasurer andis allsubject income attributable to the fund,allotment shalland bebudgetary heldcontrols inof trustchapter by43.88 theRCW, stateand investmentan board,appropriation asis providedrequired in RCW 43.33A.030, for thethese exclusiveexpenditures. benefit of fund beneficiaries.

(3)(5) TheAll legislaturemoneys mustin providethe generalfund, fundall appropriationproperty authorityand forrights purchased from the statefund, treasurerand forall income attributable to the Washingtonfund, futureshall fundbe held in trust fundby programthe administrationstate costs.investment board, as provided in RCW 43.33A.030, for the exclusive benefit of fund beneficiaries.

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5 SSB 5752 NEW SECTION.

6.5.

(3)p. All investments made by the state investment board shall be made with the exercise of judgment and care required by RCW 43.33A.140 and consistent with the investment policy established by the state investment board.

4 SB 5752 (3) All investments made by the state investment board shall be made with the exercise of judgment and care required by RCW 43.33A.140 and consistent with the investment policy established by the state investment board.

(5) The authority to establish all policies relating to the trust, other than the investment policies as set forth in subsections (1) through (3) of this section, resides with the state treasurer.

(6) The state investment board shall routinely consult and communicate with the state treasurer on the investment policy, earnings of the trust, and related needs of the program.

6.

(1) The treasurer shall administer the Washington future fund trust fund.

To the extent that funds are appropriated for this purpose, the office of the state treasurer shall provide staff and administrative support to the treasurer.

(2) The treasurer, the office of the state treasurer, and the state investment board shall not be considered an insurer of the funds or assets of the trust or the individual trust accounts.

Neither the treasurer, the office of the state treasurer, nor the state investment board are liable for the action or inaction of the other.

(3) The treasurer, the office of the state treasurer, and the state investment board are not liable to the state, to the trust, or to any other person as a result of their activities relating to this chapter, whether those activities are ministerial or discretionary, except for willful dishonesty or intentional violations of law.

The treasurer may purchase liability insurance for the treasurer and the office of the state treasurer, and the state investment board may purchase liability insurance for its members.

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Sec.

(1) TheBeginning stateon treasurera shalldesignated administerbeneficiary's 18th birthday and before the Washingtondesignated futurebeneficiary's fund31st trustbirthday, fund.a designated beneficiary is eligible to receive the total sum of the initial investment and investment earnings to be used for an eligible expenditure.

ToThe thedesignated extentbeneficiary thatmay fundssubmit area appropriatedclaim for thisbenefits purpose,subject the office of the state treasurer shall provide staff and administrative support to the statefollowing treasurer.conditions:

(2) The state treasurer, the office of the state treasurer, and the state investment board shall not be considered an insurer of the funds or assets of the trust or the individual trust accounts.

Neither the state treasurer, the office of the state treasurer, nor the state investment board are liable for the action or inaction of the other.

(3) The state treasurer, the office of the state treasurer, and the state investment board are not liable to the state, to the trust, or to any other person as a result of their activities relating to this chapter, whether those activities are ministerial or discretionary, except for willful dishonesty or intentional violations of law.

The state treasurer may purchase liability insurance for the state treasurer and the office of the state treasurer, and the state investment board may purchase liability insurance for its members.

65 SSBSB 5752 NEW(a) SECTION.The designated beneficiary must be a resident of the state of Washington;

(b) The designated beneficiary must have successfully completed a financial education course or a comparable financial education offering as determined by the treasurer;

and (c) The designated beneficiary must be facing financial hardship.

(2) If a designated beneficiary is deceased before submitting a valid claim or does not submit a valid claim before the designated beneficiary's 31st birthday, such accounting shall be credited back to the assets of the trust.

(3) Subject to federal and state laws governing the disclosure of confidential information related to designated beneficiaries, the treasurer and the Washington health care authority shall enter into a memorandum of understanding to establish information-sharing practices in order to carry out the purposes of this chapter.

NEW SECTION.

(1)On Anyor personbefore deniedthe benefitsfirst underday thisof chapterSeptember mayin fileeach ayear, complaintbeginning withSeptember 1, 2025, the statehealth treasurer.care authority shall inform the treasurer of the number of designated beneficiaries born in the prior fiscal year.

SuchPromptly complaintsthereafter, the treasurer shall besubmit resolvedto asthe providedoffice byof chapterfinancial 34.05management RCW.a calculation of the total amount required to deposit to the trust in an amount equal to $3,200 per designated beneficiary born in the prior fiscal year.

All complaints must:

Be in writing, include the complainant's name, telephone number, and mailing address, and include a clear and concise description of the alleged error.

(2) Where applicable, state treasurer staff may provide assistance in preparing a written complaint.

(3) Nothing in this chapter creates any other remedy for the erroneous denial of benefits.

(4) The applicant or recipient must file the application for an adjudicative proceeding with the state treasurer within 90 days after receiving notice of the aggrieving decision unless good cause is shown.

For the purpose of this subsection, good cause is defined as a substantive reason or legal justification for failing to meet a hearing deadline.

Good cause to fail to meet a hearing deadline may include, but is not limited to:

Military deployment, medical reasons, housing instability, language barriers, or domestic violence.

(5) The adjudicative proceeding is governed by chapter 34.05 RCW and this section.

(1)The Beginningtreasurer onmay areceive designatedgifts, beneficiary'sgrants, 18th birthday and beforeendowments thefrom designatedpublic beneficiary'sor 31stprivate birthday,sources aas designatedmay beneficiarybe ismade eligiblefrom time to receivetime, in trust or otherwise, for the totaluse sumand benefit of the initialpurposes investmentof the Washington future fund trust fund, and investmentthe earningstreasurer tomay beexpend usedthe forgifts, angrants, eligibleand expenditure.endowments according to their terms.

The designated beneficiary may submit a claim for benefits subject to the following conditions:

(a) The designated beneficiary must be a resident of the state of Washington;

(b) The designated beneficiary must have successfully completed a financial education course or a comparable financial education offering as determined by the state treasurer;

(c) The designated beneficiary must be facing financial hardship;

and (d) The designated beneficiary must complete a new business or start-up education course or consult with a local associated development organization prior to the use of any benefits from the Washington future fund to form a business.

(2) If a designated beneficiary is deceased before submitting a valid claim or does not submit a valid claim before the designated p.

7 SSB 5752 beneficiary's 31st birthday, such accounting shall be credited back to the assets of the trust.

(3) Subject to federal and state laws governing the disclosure of confidential information related to designated beneficiaries, the state treasurer and the Washington health care authority shall enter into a memorandum of understanding to establish information-sharing practices in order to carry out the purposes of this chapter.

Disclosure under this subsection is mandatory for the purpose of the federal health insurance portability and accountability act.

(1)Trust Onassets orare beforenot theconsidered firstassets dayfor purposes of Septemberdetermining inan eachindividual's year,eligibility beginningfor Septemberassistance 1,under 2022,any theprogram stateadministered treasurerby shall submit to the officedepartment of financialsocial managementand thehealth totalservices. number of Washington births eligible for medical assistance, as described in RCW 74.09.470, in the prior year.

(2) TheTrust legislatureassets mustare appropriatenot fromconsidered theassets statefor generalpurposes fundof intodetermining thean Washingtonindividual's futureeligibility fund trust fund for theneed-based, fiscalinstitutional yearaid endinggrants Juneoffered 30,to 2022,an andindividual eachat fiscal year thereafter, a total amount based on the numberpublic ofeducational Washingtoninstitutions births eligible for medical assistance, as described in RCW 74.09.470, in the previousstate. year multiplied by $3,200.

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6 SB 5752 NEW SECTION.

The state treasurer may solicitadopt orrules receiveunder gifts,chapter grants,34.05 andRCW endowments from public or private sources as may be made from time to time, in trust or otherwise, for the useimplementation and benefit of thethis purposeschapter. of the Washington future fund trust fund, and the state treasurer may expend the gifts, grants, and endowments according to their terms.

(1)The Trustsum assetsof are$64,000,000, notor consideredas assetsmuch forthereof purposesas ofmay determiningbe annecessary, individual'sis eligibilityappropriated for assistancethe underfiscal anyyear programending administeredJune by30, 2022, from the departmentgeneral fund to the office of socialthe andstate healthtreasurer services.for the purposes of beginning investments in the Washington future fund trust fund.

(2) Trust assets are not considered assets for purposes of determining an individual's eligibility for need-based, institutional aid grants offered to an individual at the public educational institutions in the state.

p.The authority must enter into a data-sharing agreement with the office of the state treasurer to share the necessary data to facilitate the Washington future fund trust fund under chapter 43.--- RCW (the new chapter created in section 15 of this act).

8To SSBeffectuate 5752this Theagreement, the authority must enterretain intoclient aeligibility data-sharingrecords agreementfor withchildren theborn office of the state treasurer to share the necessary data to facilitate the Washington future fund trust fund under chapterapple 43.---health RCWuntil (thethey newturn chapter31 createdyears inold. section 15 of this act).

To effectuate this agreement, the authority must retain client eligibility records for children whose births were covered under medical assistance, as described in RCW 74.09.470, until they turn 31 years old.

Disclosure under this section is mandatory for the purpose of the federal health insurance portability and accountability act.

(b)p. The following accounts and funds must receive their proportionate share of earnings based upon each account's or fund's average daily balance for the period:

The7 24/7SB sobriety5752 account,(b) theThe Washingtonfollowing promiseaccounts scholarshipand account,funds themust Ginareceive Granttheir Bullproportionate memorialshare legislativeof pageearnings scholarshipbased account,upon theeach Rosaaccount's Franklinor legislativefund's internshipaverage programdaily scholarshipbalance (([account]))for account, the Washingtonperiod: advanced college tuition payment program account, the Washington college savings program account, the accessible communities account, the Washington achieving a better life experience program account, p.

9The SSB24/7 5752sobriety account, the Washington promise scholarship account, the Gina Grant Bull memorial legislative page scholarship account, the Rosa Franklin legislative internship program scholarship (([account])) account, the Washington advanced college tuition payment program account, the Washington college savings program account, the accessible communities account, the Washington achieving a better life experience program account, the community and technical college innovation account, the agricultural local fund, the American Indian scholarship endowment fund, the foster care scholarship endowment fund, the foster care endowed scholarship trust fund, the contract harvesting revolving account, the Washington state combined fund drive account, the commemorative works account, the county enhanced 911 excise tax account, the county road administration board emergency loan account, the toll collection account, the developmental disabilities endowment trust fund, the energy account, the fair fund, the family and medical leave insurance account, the fish and wildlife federal lands revolving account, the natural resources federal lands revolving account, the food animal veterinarian conditional scholarship account, the forest health revolving account, the fruit and vegetable inspection account, the educator conditional scholarship account, the game farm alternative account, the GET ready for math and science scholarship account, the Washington global health technologies and product development account, the grain inspection revolving fund, the Washington history day account, the industrial insurance rainy day fund, the juvenile accountability incentive account, the law enforcement officers' and firefighters' plan 2 expense fund, the local tourism promotion account, the low-income home rehabilitation revolving loan program account, the multiagency permitting team account, the northeast Washington wolf-livestock management account, the produce railcar pool account, the public use general aviation airport loan revolving account, the regional transportation investment district account, the rural rehabilitation account, the Washington sexual assault kit account, the stadium and exhibition center account, the youth athletic facility account, the self- insurance revolving fund, the children's trust fund, the Washington horse racing commission Washington bred owners' bonus fund and breeder awards account, the Washington horse racing commission class C purse fund account, the individual development account program account, the Washington horse racing commission operating account, the life sciences discovery fund, the Washington state library- archives building account, the reduced cigarette ignition propensity account, the center for deaf and hard of hearing youth account, the school for the blind account, the Millersylvania park trust fund, the public employees' and retirees' insurance reserve fund, the school employees' benefits board insurance reserve fund, the public employees' and retirees' insurance account, the school employees' p.

108 SSBSB 5752 C purse fund account, the individual development account program account, the Washington horse racing commission operating account, the life sciences discovery fund, the Washington state library- archives building account, the reduced cigarette ignition propensity account, the center for deaf and hard of hearing youth account, the school for the blind account, the Millersylvania park trust fund, the public employees' and retirees' insurance reserve fund, the school employees' benefits board insurance reserve fund, the public employees' and retirees' insurance account, the school employees' insurance account, the long-term services and supports trust account, the radiation perpetual maintenance fund, the Indian health improvement reinvestment account, the department of licensing tuition recovery trust fund, the student achievement council tuition recovery trust fund, the tuition recovery trust fund, the industrial insurance premium refund account, the mobile home park relocation fund, the natural resources deposit fund, the Washington state health insurance pool account, the federal forest revolving account, ((and)) the library operations account, and the Washington future fund trust fund.

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9 SB 5752 NEW SECTION.

Sections 1 through 1211 of this act constitute a new chapter in Title 43 RCW.

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