SENATE BILL 5590
State of Washington 52nd Legislature 1991 Regular Session
By Senators von Reichbauer and Pelz; by request of State Investment Board.
Read first time February 8, 1991. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to the administration of the state investment board; and amending RCW 43.33A.030 and 43.33A.100.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 43.33A.030 and 1981 c 3 s 3 are each amended to read as follows:
Trusteeship of those funds under the authority of the board is vested in the voting members of the board. The nonvoting members of the board shall advise the voting members on matters of investment policy and practices.
The board may enter into contracts necessary to carry out its powers and duties. The board may delegate any of its powers and duties to its executive director or its chairperson as deemed necessary for efficient administration and when consistent with the purposes of this 1980 act.
Sec. 2. RCW 43.33A.100 and 1981 c 219 s 3 are each amended to read as follows:
state investment board shall maintain appropriate offices and employ such
personnel as may be necessary to perform its duties. Employment by the
investment board shall include but not be limited to an executive director,
investment officers, and a confidential secretary, which positions are exempt
from classified service under chapter 41.06 RCW. Employment of the executive
director by the board shall be for a term of three years, and such employment
shall be subject to confirmation of the state finance committee: PROVIDED,
That nothing shall prevent the board from dismissing the director for cause
before the expiration of the term nor shall anything prohibit the board, with
the confirmation of the state finance committee, from employing the same
individual as director in succeeding terms. Compensation levels for the executive
director and the investment officers employed by the investment board shall
be established by the ((
state personnel)) investment board.
As of July 1, 1981, all employees classified under chapter 41.06 RCW and engaged in duties assumed by the state investment board on July 1, 1981, are assigned to the state investment board. The transfer shall not diminish any rights granted these employees under chapter 41.06 RCW nor exempt the employees from any action which may occur thereafter in accordance with chapter 41.06 RCW.
All existing contracts and obligations pertaining to the functions transferred to the state investment board in this 1980 act shall remain in full force and effect, and shall be performed by the board. None of the transfers directed by this 1980 act shall affect the validity of any act performed by a state entity or by any official or employee thereof prior to July 1, 1981.