SB 6221 — Concerning the Washington achieving a better life experience program account.

S-4544.1SUBSTITUTEZ-0799.1SENATE SENATE BILL 6221State of Washington65th Legislature2018 Regular SessionBy Senate Health & Long Term Care (originally sponsored by Senators Walsh and Darneille;

by request of Department of Commerce)READCommerceRead FIRSTfirst TIMEtime 01/31/18.AN01/10/18. ACT Relating to the Washington achieving a better life experience program account;

Referred to Committee on Health & Long Term Care.AN ACT Relating to the Washington achieving a better life experience program account;

With the exception of these expenses, all earnings from self-directed investments shall accrue to the eligible individual's Washington achieving a better life experience program account.(c)(i) The governing board shall keep or cause to be kept full and adequate accounts and records of each eligible individual Washington achieving a better life experience program account.(ii) The governing board shall account for and report on the investment of self-directed assets or may enter into an agreement with the ((state investment board)) recordkeepers for such accounting and reporting under this chapter.(iii) The governing board's duties related to eligible individual Washington achieving a better life experience program accounts include conducting or causing to be conducted, the activities of trade instruction, settlement activities, and direction of cash movement and related wire transfers with the custodian bank and outside investment firms.(iv) The governing board has sole responsibility for contracting with any recordkeepers for individual Washington achieving a better life experience program accounts and shall manage the performance of recordkeepers under those contracts.(v) The ((state investment)) governing board has sole responsibility for contracting with outside investment firms to provide investment management for the individual Washington achieving a better life experience program accounts and shall manage the performance of investment managers under those contracts.(((vi) The department has sole responsibility for contracting with any recordkeepers for individual participant accounts and shall manage the performance of recordkeepers under those contracts.))(d) The ((state treasurer)) governing board shall designate and define the terms of engagement for the custodial banksbanks.(3) under authority that the state treasurer shall delegate pursuant to RCW 43.08.015 with the concurrence of the office of financial management.(3) All investments made by the state investment board must be made with the exercise of that degree of judgment and care pursuant to RCW 43.33A.140 and the investment policy established by the state investment board.(4) As deemed appropriate by the state investment board, money in the account may be commingled for investment with other funds subject to investment by the state investment board.(5) The authority to establish all policies relating to the account((, other than the investment policies,)) resides with the governing board acting to implement, design, and manage the Washington achieving a better life experience savings program that allows eligible individuals to create and maintain savings accounts.