AN ACT Relating to
increasing the size of the state investment board; amending RCW 43.33A.020 and
43.33A.040; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF
WASHINGTON:
Sec. 1. RCW 43.33A.020 and 1985
c 195 s 1 are each amended to read as follows:
There is hereby created
the state investment board to consist of ((fourteen)) fifteen
members to be appointed as provided in this section.
(1) One member who is
an active member of the public employees' retirement system and has been an
active member for at least five years. This member shall be appointed by the
governor, subject to confirmation by the senate, from a list of nominations
submitted by organizations representing active members of the system. The
initial term of appointment shall be one year.
(2) One member who is
an active member of the law enforcement officers' and fire fighters' retirement
system and has been an active member for at least five years. This member
shall be appointed by the governor, subject to confirmation by the senate, from
a list of nominations submitted by organizations representing active members of
the system. The initial term of appointment shall be two years.
(3) One member who is
an active member of the teachers' retirement system and has been an active
member for at least five years. This member shall be appointed by the
superintendent of public instruction subject to confirmation by the senate.
The initial term of appointment shall be three years.
(4) The state treasurer
or the assistant state treasurer if designated by the state treasurer.
(5) A member of the
state house of representatives. This member shall be appointed by the speaker
of the house of representatives.
(6) A member of the
state senate. This member shall be appointed by the president of the senate.
(7) One member who is a
retired member of a state retirement system shall be appointed by the governor,
subject to confirmation by the senate. The initial term of appointment shall
be three years.
(8) The director of the
department of labor and industries.
(9) The director of the
department of retirement systems.
(10) One member who
is an active member of the school employees' retirement system and has at least
five years of service credit. This member shall be appointed by the
superintendent of public instruction subject to confirmation by the senate.
The initial term of appointment shall be three years.
(11) Five
nonvoting members appointed by the state investment board who are considered
experienced and qualified in the field of investments.
The legislative members
shall serve terms of two years. The initial legislative members appointed to
the board shall be appointed no sooner than January 10, 1983. The position of
a legislative member on the board shall become vacant at the end of that
member's term on the board or whenever the member ceases to be a member of the
senate or house of representatives from which the member was appointed.
After the initial term
of appointment, all other members of the state investment board, except ex officio
members, shall serve terms of three years and shall hold office until
successors are appointed. Members' terms, except for ex officio members, shall
commence on January 1 of the year in which the appointments are made.
Members may be
reappointed for additional terms. Appointments for vacancies shall be made for
the unexpired terms in the same manner as the original appointments. Any
member may be removed from the board for cause by the member's respective
appointing authority.
Sec. 2. RCW 43.33A.040 and 1981
c 219 s 2 are each amended to read as follows:
(1) A quorum to conduct
the business of the state investment board consists of at least ((four
voting members of the board before January 10, 1983, and five)) six
voting members ((thereafter)). No action may be taken by the board
without the affirmative vote of ((four members before January 10, 1983, and
five)) six members ((thereafter)).
(2) The state
investment board shall meet at least quarterly at such times as it may fix.
The board shall elect a chairperson and vice chairperson annually: PROVIDED,
That the legislative members are not eligible to serve as chairperson.
NEW
SECTION. Sec. 3. This act takes effect
September 1, 2002.
