This bill creates the Washington future fund pilot project as a new program housed in the Office of the State Treasurer. It authorizes $25,000 grants to be paid to a designated institution on behalf of each project participant and limits eligible uses to higher education or training, purchase of a residence in Washington, or creation or purchase of a business in Washington. Eligible applicants must be age 18 through 35 (less than 36) at application and must have been enrolled in a state medical assistance or children’s health insurance program under federal Titles XIX or XXI both before their first birthday and at the time of application. The grants are explicitly not to be treated as assets or income for purposes of state public assistance or financial aid eligibility and calculations. The bill is a combination of a new law (establishing the pilot and adding new sections to chapter 43.08 RCW) and amendments to existing law (amending RCW 43.08.190 to permit use of the state treasurer’s service fund for pilot administration and study, and adding a new requirement in chapter 74.09 RCW for an interagency memorandum of understanding). It requires random selection of participants from eligible applicants with geographic allocations by region (accountable communities of health), requires participants to complete at least two impact-evaluation interviews and financial coaching, directs the Treasurer’s Office to contract with a third-party vendor to operate the pilot and to contract with the University of Washington for design, implementation assistance, evaluation, and a final legislative report due June 30, 2027, and requires a memorandum of understanding for information sharing among the Treasurer, the Department of Health, and the Health Care Authority by September 30, 2025. The extracted text leaves several important details unspecified: the total number of grants to be awarded, the selection criteria or contract terms for the third-party vendor, the exact mechanics of the random selection process, definitions or counts of “Apple Health enrollees” used in allocation formulas, additional entities that may qualify as designated institutions (to be defined by rule), the full funding source(s) for grants and operations beyond the service fund authorization, and an unexplained numbering/formatting inconsistency in the amendment to RCW 43.08.190.

If enacted, the state would run a time-limited pilot that randomly awards $25,000 on behalf of each selected young adult (age 18–35) who had Medicaid or CHIP coverage before their first birthday and at application; the money would be paid to a chosen institution for education, a Washington home purchase, or starting/buying a Washington business, and those grants would not count as assets or income for state public assistance or financial aid calculations. Practically, eligible individuals could gain a significant one-time resource for schooling, housing, or entrepreneurship without jeopardizing benefits, but only if they are randomly selected and complete required impact interviews and financial coaching; the grants are routed to institutions rather than given directly to participants. The state treasurer’s office will take on new administrative responsibilities, contracting with a third-party operator and the University of Washington to run and evaluate the pilot, and using the treasurer’s service fund to administer it; the health care authority and department of health must negotiate a confidential information-sharing agreement with the treasurer by September 30, 2025, and a final pilot report to the Legislature is due June 30, 2027. This creates new costs and contracting work for the treasurer, vendor, and UW, and new verification and data-sharing duties for HCA and DOH; however, the total number of grants, the overall budget, exact vendor selection process, and which additional institutions may qualify are not specified in the provided text, leaving key cost and operational details uncertain.