2462-S AMH .... H4883.1

SHB 2462 - H AMD  0204  ADOPTED  2/18/92

By Representatives Valle, Silver, H. Sommers, Spanel, D. Sommers, Belcher, Pruitt and Anderson

    On page 18, after line 8, insert the following:

    "Sec. 13.  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 as deemed necessary for efficient administration and when consistent with the purposes of this 1980 act.))  However, the board's contracts are subject to review and filing as specified in chapter 39.29 RCW and any rules, procedures, or guidelines established by the office of financial management under its authority contained in chapter 39.29 RCW."

    "Sec. 14.  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 voting members ((thereafter)).  No action may be taken by the board without the affirmative vote of ((four members before January 10, 1983, and)) five 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."

    "Sec. 15.  RCW 43.33A.150 and 1989 c 179 s 2 are each amended to read as follows:

    (1) The state investment board shall prepare written reports at least quarterly summarizing the investment activities of the state investment board and the performance of the state's investments, which ((reports)) shall be made available to the public upon request.  At least annually, the board shall prepare a written report of board activities and investment performance.  The report shall be sent to the governor, the senate ways and means committee, the house appropriations committee, the joint legislative committee on pension policy, the department of retirement systems, and other agencies having a direct financial interest in the investment of funds by the board, and to other persons on written request.  The state investment board shall provide information to the department of retirement systems necessary for the preparation of monthly reports.

    (2) At least annually, the board shall report on the board's investment activities and investment performance for the department of labor and industries' accident, medical aid, and reserve funds to the joint legislative committee on pension policy, the senate financial institutions and insurance committee, the senate economic development and labor committee, and the house commerce and labor committee, or appropriate successor committees."

    "NEW SECTION. Sec. 16.  A new section is added to chapter 43.33A RCW to read as follows:

    The state investment board shall prepare an investment plan every two years beginning January 1, 1993.  The board shall submit the plan to the governor, the senate ways and means committee, the house appropriations committee, the joint legislative committee on pension policy, the department of retirement systems, and other agencies as requested.  The board shall make the plan available to the public upon written request."

    "Sec. 17.  RCW 43.33A.010 and 1981 c 3 s 1 are each amended to read as follows:

    The state investment board shall exercise all the powers and perform all duties prescribed by law with respect to the investment of public trust and retirement funds.

In addition to other duties and responsibilities provided for in this chapter, the state investment board shall:

(1) Develop strategic asset allocation policies and guidelines;

(2) Establish investment policies, guidelines, and objectives for the various funds;

(3) Select and terminate investment managers; and

(4) Authorize and review all contracts.

The board may delegate authority to the executive director necessary to carry out board policies and approved investment strategies."

    Renumber the remaining sections consecutively and correct any internal references accordingly.

SHB 2462 - H AMD

By Representative

    On page 1, line 2 of the title, after "43.88.010," strike "and 43.88.090" and insert "43.88.090, 43.33A.030, 43.33A.040, 43.33A.150, and 43.33A.010"

    On page 1, line 4 of the title, after "43.88 RCW;" insert "adding a new section to chapter 43.33A RCW;"