Requires money remitted for pooled investment under chapter 43.250 RCW (investment of local government funds) to be deposited in the public funds investment account.

Creates a trust fund to be known as the separately managed public funds investment account; and a trust fund to be known as the separately managed state agency investment account. These accounts are to be separately accounted for and invested by the state treasurer.

Creates a separately managed state treasurer's service account in the custody of the state treasurer.

Authorizes the state treasurer's office to employ personnel as necessary to administer the separately managed accounts.