Creates the Washington health security trust to provide coverage for a set of health services for all residents.

Abolishes the health care authority and transfers its powers, duties, and functions to the Washington health security trust.

Requires Washington state employers to pay a health security assessment to the department of revenue to fund the Washington health security trust.

Requires certain residents to pay a standard monthly flat rate health security premium.

Creates the reserve account.

Creates the benefits account.

Creates the displaced worker training account with an expiration date of January 1, 2017.

Deposits certain contributions, and reserves, dividends, and refunds currently in the public employees' and retirees' insurance account in the reserve account and benefits account.

Transfers the state health care authority administrative account to the reserve account and the benefits account.

Requires revenue from certain taxes to be deposited in the reserve account and the benefits account instead of the general fund.

Requires money in the tobacco settlement account to be transferred to the reserve account and the benefits account instead of the general fund.

Repeals RCW 82.04.260 (tax on manufacturers and processors of various foods and by-products).