2429 AMH CONW SALV 40

HB 2429 - H AMD 864 FAILED

By Representative Conway

     On page  2, after line 8, insert the following:

ASec. 2. 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, which reports shall be sent to the governor, the senate ways and means committee, the house appropriations committee, 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 for the department of labor and industries' accident, medical aid, and reserve funds to 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.

(3) The state investment board shall prepare an annual informational statement to retirement system participants regarding rates of return, asset allocation, performance benchmarks, and other pertinent information.  Participants shall include those individuals who are eligible, or may be eligible, or are receiving a retirement benefit.@

Renumber the remaining sections consecutively and correct the title.

EFFECT: The state investment board is required to prepare an annual information statement to retirement system participants.  The statement will include rates of return, asset allocation, performance benchmarks and other pertinent information.