ESSB 5590 - H COMM AMD

By Committee on State Government

On page 1, after line 4, strike everything after the enacting clause and insert:

"NEW SECTION Sec. 1. (1) The legislature recognizes that the state investment board is, at its own initiation, undergoing an extensive review of its organization and operation. The legislature is pleased that the scope of this review is to include an analysis of the functions, responsibilities, and salaries of board members and staff; the composition of the board and its staff; the relationship between the board, its staff, consultants, investment organizations, and other state agencies; and other issues relevant to the organizational structure and operation of the board.

(2) The legislature also acknowledges that the state investment board is undertaking a review of its entire investment strategy and will be recruiting a new executive director, incorporating the findings from the review described in subsection (1) into the recruitment process.

(3) Given the extensive review and evaluation underway concerning the board's organization, directorship, and overall investment strategy, the legislature finds that it would be imprudent at this time to make changes in the statutes governing the state investment board. Therefore, the legislature directs the state investment board to report the findings and conclusions of this extensive review to the joint committee on pension policy. The investment board shall issue this report to the joint committee no later than January 1, 1992. The joint committee on pension policy shall consider the report and make any recommendations to the legislature that it deems necessary as directed by RCW 44.44.060."

ESSB 5590 - H COMM AMD

By Committee on State Government

On page 1, line 2 of the title, after "board;" strike all material through "43.33A.150" on line 3 and insert "and creating a new section"