Passed by the House March 6, 2012 Yeas 93   FRANK CHOPP ________________________________________ Speaker of the House of Representatives Passed by the Senate March 8, 2012 Yeas 49   BRAD OWEN ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is ENGROSSED HOUSE BILL 2620 as passed by the House of Representatives and the Senate on the dates hereon set forth. BARBARA BAKER ________________________________________ Chief Clerk | |
Approved March 29, 2012, 7:21 p.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | March 29, 2012 Secretary of State State of Washington |
State of Washington | 62nd Legislature | 2012 Regular Session |
Read first time 01/19/12. Referred to Committee on Ways & Means.
AN ACT Relating to transferring the investment of funds in certain accounts from the state investment board to the state treasurer; amending RCW 43.33A.010, 28B.108.060, 28B.108.060, 28B.116.060, 28B.116.060, 43.79.495, 77.12.323, 70.121.050, 89.16.020, 41.05.140, 41.45.230, 43.79A.040, 43.84.150, and 2.10.080; reenacting and amending RCW 43.84.092; adding a new section to chapter 43.79A RCW; repealing RCW 41.45.233 and 43.33A.230; providing an effective date; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 43.33A.010 and 1981 c 3 s 1 are each amended to read
as follows:
Unless otherwise prescribed by law, 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.
Sec. 2 RCW 28B.108.060 and 2009 c 259 s 2 are each amended to
read as follows:
The American Indian scholarship endowment fund is created in the
custody of the state treasurer. ((The investment of the endowment fund
shall be managed by the state investment board.)) Funds appropriated
by the legislature for the endowment fund must be deposited into the
fund.
(1) Moneys received from the higher education coordinating board,
private donations, state moneys, and funds received from any other
source may be deposited into the endowment fund. Private moneys
received as a gift subject to conditions may be deposited into the
fund. The investment of private moneys in the fund shall be managed by
the state investment board.
(2) At the request of the higher education coordinating board, the
state investment board shall release earnings from the ((endowment
fund)) private moneys invested by it to the state treasurer. ((The
state treasurer shall then release those funds at the request of the
higher education coordinating board for scholarships. No appropriation
is required for expenditures from the endowment fund.))
(3) When ((notified by the higher education coordinating board
that)) a condition attached to a gift of private moneys in the fund has
failed, the ((state investment board shall release those moneys to the
higher education coordinating board. The)) higher education
coordinating board shall then release the moneys to the donors
according to the terms of the conditional gift.
(4) The principal of the endowment fund shall not be invaded. The
release of moneys under subsection (3) of this section shall not
constitute an invasion of corpus.
(5) The earnings on the fund shall be used solely for the purposes
set forth in RCW 28B.108.040, except when the terms of a conditional
gift of private moneys in the fund require that a portion of earnings
on such moneys be reinvested in the fund. An appropriation is not
required for expenditures from the endowment fund.
Sec. 3 RCW 28B.108.060 and 2011 1st sp.s. c 11 s 194 are each
amended to read as follows:
The American Indian scholarship endowment fund is created in the
custody of the state treasurer. ((The investment of the endowment fund
shall be managed by the state investment board.)) Funds appropriated
by the legislature for the endowment fund must be deposited into the
fund.
(1) Moneys received from the office, private donations, state
moneys, and funds received from any other source may be deposited into
the endowment fund. Private moneys received as a gift subject to
conditions may be deposited into the fund. The investment of private
moneys in the fund shall be managed by the state investment board.
(2) At the request of the office, the state investment board shall
release earnings from the ((endowment fund)) private moneys invested by
it to the state treasurer. ((The state treasurer shall then release
those funds at the request of the office for scholarships. No
appropriation is required for expenditures from the endowment fund.))
(3) When ((notified by the office that)) a condition attached to a
gift of private moneys in the fund has failed, the ((state investment
board shall release those moneys to the office. The)) office shall
then release the moneys to the donors according to the terms of the
conditional gift.
(4) The principal of the endowment fund shall not be invaded. The
release of moneys under subsection (3) of this section shall not
constitute an invasion of corpus.
(5) The earnings on the fund shall be used solely for the purposes
set forth in RCW 28B.108.040, except when the terms of a conditional
gift of private moneys in the fund require that a portion of earnings
on such moneys be reinvested in the fund. An appropriation is not
required for expenditures from the endowment fund.
Sec. 4 RCW 28B.116.060 and 2007 c 73 s 3 are each amended to read
as follows:
The foster care scholarship endowment fund is created in the
custody of the state treasurer. ((The investment of the endowment fund
shall be managed by the state investment board.))
(1) Moneys received from the higher education coordinating board,
private donations, state matching moneys, and funds received from any
other source may be deposited into the foster care scholarship
endowment fund. Private moneys received as a gift subject to
conditions may be deposited into the endowment fund if the conditions
do not violate state or federal law. The investment of private moneys
in the fund shall be managed by the state investment board.
(2) At the request of the higher education coordinating board, the
state investment board shall release earnings from the ((endowment
fund)) private moneys invested by it to the state treasurer. ((The
state treasurer shall then release those funds at the request of the
higher education coordinating board for scholarships. No appropriation
is required for expenditures from the endowment fund.))
(3) The higher education coordinating board may disburse grants to
eligible students from the foster care scholarship endowment fund. No
appropriation is required for expenditures from the endowment fund.
(4) When notified by court order that a condition attached to a
gift of private moneys from the foster care scholarship endowment fund
has failed, the higher education coordinating board shall release those
moneys to the donors according to the terms of the conditional gift.
(5) The principal of the foster care scholarship endowment fund
shall not be invaded. For the purposes of this section, only the first
twenty-five thousand dollars deposited into the foster care scholarship
endowment fund shall be considered the principal. The release of
moneys under subsection (4) of this section shall not constitute an
invasion of the corpus.
(6) The foster care scholarship endowment fund shall be used solely
for the purposes in this chapter, except when the conditional gift of
private moneys in the endowment fund require a portion of the earnings
on such moneys be reinvested in the endowment fund.
Sec. 5 RCW 28B.116.060 and 2011 1st sp.s. c 11 s 218 are each
amended to read as follows:
The foster care scholarship endowment fund is created in the
custody of the state treasurer. ((The investment of the endowment fund
shall be managed by the state investment board.))
(1) Moneys received from the office, private donations, state
matching moneys, and funds received from any other source may be
deposited into the foster care scholarship endowment fund. Private
moneys received as a gift subject to conditions may be deposited into
the endowment fund if the conditions do not violate state or federal
law. The investment of private moneys in the fund shall be managed by
the state investment board.
(2) At the request of the office, the state investment board shall
release earnings from the ((endowment fund)) private moneys invested by
it to the state treasurer. ((The state treasurer shall then release
those funds at the request of the office for scholarships. No
appropriation is required for expenditures from the endowment fund.))
(3) The office may disburse grants to eligible students from the
foster care scholarship endowment fund. No appropriation is required
for expenditures from the endowment fund.
(4) When notified by court order that a condition attached to a
gift of private moneys from the foster care scholarship endowment fund
has failed, the office shall release those moneys to the donors
according to the terms of the conditional gift.
(5) The principal of the foster care scholarship endowment fund
shall not be invaded. For the purposes of this section, only the first
twenty-five thousand dollars deposited into the foster care scholarship
endowment fund shall be considered the principal. The release of
moneys under subsection (4) of this section shall not constitute an
invasion of the corpus.
(6) The foster care scholarship endowment fund shall be used solely
for the purposes in this chapter, except when the conditional gift of
private moneys in the endowment fund require a portion of the earnings
on such moneys be reinvested in the endowment fund.
Sec. 6 RCW 43.79.495 and 2007 c 484 s 2 are each amended to read
as follows:
(1) The budget stabilization account is governed by the provisions
in Article VII, section 12 and this section.
(2) By June 30th of each fiscal year, the state treasurer shall
transfer an amount equal to one percent of the general state revenues
for that fiscal year to the budget stabilization account.
(3) ((The state investment board has the full power to invest,
reinvest, manage, contract, sell, or exchange investment moneys in the
budget stabilization account. All investment and operating costs
associated with the investment of money shall be paid pursuant to RCW
43.33A.160 and 43.84.160. With the exception of these expenses, the
earnings from the investment of the money shall be retained by the
account. All investments made by the state investment board shall be
made with the exercise of that degree of judgment and care pursuant to
RCW 43.33A.140 and the investment policies established by the state
investment board. As deemed appropriate by the state investment board,
moneys in the account may be commingled for investment with other funds
subject to investment by the board.)) For the purposes of Article VII, section 12, this section,
and RCW 82.33.050, the state employment growth forecast shall be based
on the total nonfarm payroll employment data series.
(4)
Sec. 7 RCW 77.12.323 and 2009 c 333 s 35 are each amended to read
as follows:
(1) There is established in the state wildlife account created in
RCW 77.12.170 a special wildlife account. Moneys received under RCW
77.12.320 as now or hereafter amended as compensation for wildlife
losses shall be deposited in the state treasury to be credited to the
special wildlife account.
(2) ((The director may advise the state treasurer and the state
investment board of a surplus in the special wildlife account above the
current needs.)) The state ((investment board)) treasurer may invest
and reinvest the surplus((, as the commission deems appropriate, in an
investment authorized by RCW 43.84.150 or in securities issued by the
United States government as defined by RCW 43.84.080 (1) and (4).
Income received from the investments shall be deposited to the credit
of the special wildlife account)) as provided by RCW 43.84.080.
Sec. 8 RCW 70.121.050 and 1987 c 184 s 2 are each amended to read
as follows:
On a quarterly basis on and after January 1, 1980, there shall be
levied and the department shall collect a charge of five cents per
pound on each pound of uranium or thorium compound milled out of the
raw ore. All moneys paid to the department from these charges shall be
deposited in a special security fund in the treasury of the state of
Washington to be known as the "radiation perpetual maintenance fund."
This security fund shall be used by the department when a licensee has
ceased to operate and the site may still contain, or have associated
with the site at which the licensed activity was conducted in spite of
full compliance with RCW 70.121.030, radioactive material which will
require further maintenance, surveillance, or other care. If, with
respect to a licensee, the department determines that the estimated
total of these charges will be less than or greater than that required
to defray the estimated cost of administration of this responsibility,
the department may prescribe such an increased or decreased charge as
is considered necessary for this purpose. If, at termination of the
license, the department determines that by the applicable standards and
practices then in effect, the charges which have been collected from
the licensee and earnings generated therefrom are in excess of the
amount required to defray the cost of this responsibility, the
department may refund the excess portion to the licensee. If, at
termination of the license or cessation of operation, the department
determines, by the applicable standards and practices then in effect,
that the charges which have been collected from the licensee and
earnings generated therefrom are together insufficient to defray the
cost of this responsibility, the department may collect the excess
portion from the licensee.
((Moneys in the radiation perpetual maintenance fund shall be
invested by the state investment board in the manner as other state
moneys.))
Sec. 9 RCW 89.16.020 and 1973 1st ex.s. c 40 s 1 are each amended
to read as follows:
For the purpose of carrying out the provisions of this chapter the
state reclamation revolving account, heretofore established and
hereinafter called the reclamation account, shall consist of all sums
appropriated thereto by the legislature; all gifts made to the state
therefor and the proceeds of the sale thereof; the proceeds of the sale
or redemption of and the interest earned by securities acquired with
the moneys thereof; and all reimbursements for moneys advanced for the
payment of assessments upon public lands of the state for the
improvement thereof. Moneys in the reclamation account may be invested
by the state treasurer pursuant to RCW 43.84.080.
Sec. 10 RCW 41.05.140 and 2011 1st sp.s. c 15 s 59 are each
amended to read as follows:
(1) Except for property and casualty insurance, the authority may
self-fund, self-insure, or enter into other methods of providing
insurance coverage for insurance programs under its jurisdiction,
including the basic health plan as provided in chapter 70.47 RCW. The
authority shall contract for payment of claims or other administrative
services for programs under its jurisdiction. If a program does not
require the prepayment of reserves, the authority shall establish such
reserves within a reasonable period of time for the payment of claims
as are normally required for that type of insurance under an insured
program. The authority shall endeavor to reimburse basic health plan
health care providers under this section at rates similar to the
average reimbursement rates offered by the statewide benchmark plan
determined through the request for proposal process.
(2) Reserves established by the authority for employee and retiree
benefit programs shall be held in a separate ((trust fund by)) account
in the custody of the state treasurer and shall be known as the public
employees' and retirees' insurance reserve fund. The state
((investment board shall act as the investor for the funds and, except
as provided in RCW 43.33A.160 and 43.84.160, one hundred percent of all
earnings from these investments shall accrue directly to the public
employees' and retirees' insurance reserve fund)) treasurer may invest
the moneys in the reserve fund pursuant to RCW 43.79A.040.
(3) Any savings realized as a result of a program created for
employees and retirees under this section shall not be used to increase
benefits unless such use is authorized by statute.
(4) Reserves established by the authority to provide insurance
coverage for the basic health plan under chapter 70.47 RCW shall be
held in a separate trust account in the custody of the state treasurer
and shall be known as the basic health plan self-insurance reserve
account. The state ((investment board shall act as the investor for
the funds as set forth in RCW 43.33A.230 and, except as provided in RCW
43.33A.160 and 43.84.160, one hundred percent of all earnings from
these investments shall accrue directly to the basic health plan self-insurance reserve account)) treasurer may invest the moneys in the
reserve fund pursuant to RCW 43.79A.040.
(5) Any program created under this section shall be subject to the
examination requirements of chapter 48.03 RCW as if the program were a
domestic insurer. In conducting an examination, the commissioner shall
determine the adequacy of the reserves established for the program.
(6) The authority shall keep full and adequate accounts and records
of the assets, obligations, transactions, and affairs of any program
created under this section.
(7) The authority shall file a quarterly statement of the financial
condition, transactions, and affairs of any program created under this
section in a form and manner prescribed by the insurance commissioner.
The statement shall contain information as required by the commissioner
for the type of insurance being offered under the program. A copy of
the annual statement shall be filed with the speaker of the house of
representatives and the president of the senate.
(8) The provisions of this section do not apply to the
administration of chapter 74.09 RCW.
Sec. 11 RCW 41.45.230 and 2009 c 564 s 1808 are each amended to
read as follows:
The pension funding stabilization account is created in the state
treasury. Moneys in the account may be spent only after appropriation.
Expenditures from the account may be used only for payment of state
government employer contributions for members of the public employees'
retirement system, the teachers' retirement system, the school
employees' retirement system, and the public safety employees'
retirement system. ((During the 2007-09 fiscal biennium, expenditures
from the account may also be used for payment of the retirement and
annuity plans for higher education employees and for transfer into the
general fund.)) The account may not be used to pay for any new benefit
or for any benefit increase that takes effect after July 1, 2005. An
increase that is provided in accordance with a formula that is in
existence on July 1, 2005, is not considered a benefit increase for
this purpose. Moneys in the account shall be for the exclusive use of
the specified retirement systems and may be invested by the state
((investment board)) treasurer pursuant to RCW ((43.33A.030 and
43.33A.170)) 43.84.080. For purposes of RCW ((43.135.035)) 43.135.034,
expenditures from the pension funding stabilization account shall not
be considered a state program cost shift from the state general fund to
another account. ((During the 2007-2009 fiscal biennium, the
legislature may transfer from the pension funding stabilization account
to the state general fund such amounts as reflect the excess fund
balance of the account.))
NEW SECTION. Sec. 12 A new section is added to chapter 43.79A
RCW to read as follows:
The state treasurer may invest the moneys in the Millersylvania
park trust fund as authorized by RCW 43.79A.040.
Sec. 13 RCW
43.79A.040 and 2011 1st sp.s. c 37 s 603 are each
amended to read as follows:
(1) Money in the treasurer's trust fund may be deposited, invested,
and reinvested by the state treasurer in accordance with RCW 43.84.080
in the same manner and to the same extent as if the money were in the
state treasury, and may be commingled with moneys in the state treasury
for cash management and cash balance purposes.
(2) All income received from investment of the treasurer's trust
fund must be set aside in an account in the treasury trust fund to be
known as the investment income account.
(3) The investment income account may be utilized for the payment
of purchased banking services on behalf of treasurer's trust funds
including, but not limited to, depository, safekeeping, and
disbursement functions for the state treasurer or affected state
agencies. The investment income account is subject in all respects to
chapter 43.88 RCW, but no appropriation is required for payments to
financial institutions. Payments must occur prior to distribution of
earnings set forth in subsection (4) of this section.
(4)(a) Monthly, the state treasurer must distribute the earnings
credited to the investment income account to the state general fund
except under (b), (c), and (d) of this subsection.
(b) The following accounts and funds must receive their
proportionate share of earnings based upon each account's or fund's
average daily balance for the period: The Washington promise
scholarship account, the college savings program account, the
Washington advanced college tuition payment program account, the
accessible communities account, the community and technical college
innovation account, the agricultural local fund, the American Indian
scholarship endowment fund, the foster care scholarship endowment fund,
the foster care endowed scholarship trust fund, the students with
dependents grant account, the basic health plan self-insurance reserve
account, the contract harvesting revolving account, the Washington
state combined fund drive account, the commemorative works account, the
county enhanced 911 excise tax account, the Washington international
exchange scholarship endowment fund, the toll collection account, the
developmental disabilities endowment trust fund, the energy account,
the fair fund, the family leave insurance account, the food animal
veterinarian conditional scholarship account, the fruit and vegetable
inspection account, the future teachers conditional scholarship
account, the game farm alternative account, the GET ready for math and
science scholarship account, the Washington global health technologies
and product development account, the grain inspection revolving fund,
the industrial insurance rainy day fund, the juvenile accountability
incentive account, the law enforcement officers' and firefighters' plan
2 expense fund, the local tourism promotion account, the pilotage
account, the produce railcar pool account, the regional transportation
investment district account, the rural rehabilitation account, the
stadium and exhibition center account, the youth athletic facility
account, the self-insurance revolving fund, the sulfur dioxide
abatement account, the children's trust fund, the Washington horse
racing commission Washington bred owners' bonus fund and breeder awards
account, the Washington horse racing commission class C purse fund
account, the individual development account program account, the
Washington horse racing commission operating account (earnings from the
Washington horse racing commission operating account must be credited
to the Washington horse racing commission class C purse fund account),
the life sciences discovery fund, the Washington state heritage center
account, the reduced cigarette ignition propensity account, ((and)) the
reading achievement account, the Millersylvania park trust fund, the
public employees' and retirees' insurance reserve fund, and the
radiation perpetual maintenance fund.
(c) The following accounts and funds must receive eighty percent of
their proportionate share of earnings based upon each account's or
fund's average daily balance for the period: The advanced right-of-way
revolving fund, the advanced environmental mitigation revolving
account, the federal narcotics asset forfeitures account, the high
occupancy vehicle account, the local rail service assistance account,
and the miscellaneous transportation programs account.
(d) Any state agency that has independent authority over accounts
or funds not statutorily required to be held in the custody of the
state treasurer that deposits funds into a fund or account in the
custody of the state treasurer pursuant to an agreement with the office
of the state treasurer shall receive its proportionate share of
earnings based upon each account's or fund's average daily balance for
the period.
(5) In conformance with Article II, section 37 of the state
Constitution, no trust accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
Sec. 14 RCW 43.84.092 and 2011 1st sp.s. c 16 s 6, 2011 1st sp.s.
c 7 s 22, 2011 c 369 s 6, 2011 c 339 s 1, 2011 c 311 s 9, 2011 c 272 s
3, 2011 c 120 s 3, and 2011 c 83 s 7 are each reenacted and amended to
read as follows:
(1) All earnings of investments of surplus balances in the state
treasury shall be deposited to the treasury income account, which
account is hereby established in the state treasury.
(2) The treasury income account shall be utilized to pay or receive
funds associated with federal programs as required by the federal cash
management improvement act of 1990. The treasury income account is
subject in all respects to chapter 43.88 RCW, but no appropriation is
required for refunds or allocations of interest earnings required by
the cash management improvement act. Refunds of interest to the
federal treasury required under the cash management improvement act
fall under RCW 43.88.180 and shall not require appropriation. The
office of financial management shall determine the amounts due to or
from the federal government pursuant to the cash management improvement
act. The office of financial management may direct transfers of funds
between accounts as deemed necessary to implement the provisions of the
cash management improvement act, and this subsection. Refunds or
allocations shall occur prior to the distributions of earnings set
forth in subsection (4) of this section.
(3) Except for the provisions of RCW 43.84.160, the treasury income
account may be utilized for the payment of purchased banking services
on behalf of treasury funds including, but not limited to, depository,
safekeeping, and disbursement functions for the state treasury and
affected state agencies. The treasury income account is subject in all
respects to chapter 43.88 RCW, but no appropriation is required for
payments to financial institutions. Payments shall occur prior to
distribution of earnings set forth in subsection (4) of this section.
(4) Monthly, the state treasurer shall distribute the earnings
credited to the treasury income account. The state treasurer shall
credit the general fund with all the earnings credited to the treasury
income account except:
(a) The following accounts and funds shall receive their
proportionate share of earnings based upon each account's and fund's
average daily balance for the period: The aeronautics account, the
aircraft search and rescue account, the budget stabilization account,
the capital vessel replacement account, the capitol building
construction account, the Cedar River channel construction and
operation account, the Central Washington University capital projects
account, the charitable, educational, penal and reformatory
institutions account, the cleanup settlement account, the Columbia
river basin water supply development account, the Columbia river basin
taxable bond water supply development account, the Columbia river basin
water supply revenue recovery account, the common school construction
fund, the county arterial preservation account, the county criminal
justice assistance account, the county sales and use tax equalization
account, the deferred compensation administrative account, the deferred
compensation principal account, the department of licensing services
account, the department of retirement systems expense account, the
developmental disabilities community trust account, the drinking water
assistance account, the drinking water assistance administrative
account, the drinking water assistance repayment account, the Eastern
Washington University capital projects account, the Interstate 405
express toll lanes operations account, the education construction fund,
the education legacy trust account, the election account, the energy
freedom account, the energy recovery act account, the essential rail
assistance account, The Evergreen State College capital projects
account, the federal forest revolving account, the ferry bond
retirement fund, the freight congestion relief account, the freight
mobility investment account, the freight mobility multimodal account,
the grade crossing protective fund, the public health services account,
the health system capacity account, the high capacity transportation
account, the state higher education construction account, the higher
education construction account, the highway bond retirement fund, the
highway infrastructure account, the highway safety account, the high
occupancy toll lanes operations account, the hospital safety net
assessment fund, the industrial insurance premium refund account, the
judges' retirement account, the judicial retirement administrative
account, the judicial retirement principal account, the local leasehold
excise tax account, the local real estate excise tax account, the local
sales and use tax account, the marine resources stewardship trust
account, the medical aid account, the mobile home park relocation fund,
the motor vehicle fund, the motorcycle safety education account, the
multiagency permitting team account, the multimodal transportation
account, the municipal criminal justice assistance account, the
municipal sales and use tax equalization account, the natural resources
deposit account, the oyster reserve land account, the pension funding
stabilization account, the perpetual surveillance and maintenance
account, the public employees' retirement system plan 1 account, the
public employees' retirement system combined plan 2 and plan 3 account,
the public facilities construction loan revolving account beginning
July 1, 2004, the public health supplemental account, the public
transportation systems account, the public works assistance account,
the Puget Sound capital construction account, the Puget Sound ferry
operations account, the Puyallup tribal settlement account, the real
estate appraiser commission account, the recreational vehicle account,
the regional mobility grant program account, the resource management
cost account, the rural arterial trust account, the rural mobility
grant program account, the rural Washington loan fund, the site closure
account, the skilled nursing facility safety net trust fund, the small
city pavement and sidewalk account, the special category C account, the
special wildlife account, the state employees' insurance account, the
state employees' insurance reserve account, the state investment board
expense account, the state investment board commingled trust fund
accounts, the state patrol highway account, the state route number 520
civil penalties account, the state route number 520 corridor account,
the state wildlife account, the supplemental pension account, the
Tacoma Narrows toll bridge account, the teachers' retirement system
plan 1 account, the teachers' retirement system combined plan 2 and
plan 3 account, the tobacco prevention and control account, the tobacco
settlement account, the transportation 2003 account (nickel account),
the transportation equipment fund, the transportation fund, the
transportation improvement account, the transportation improvement
board bond retirement account, the transportation infrastructure
account, the transportation partnership account, the traumatic brain
injury account, the tuition recovery trust fund, the University of
Washington bond retirement fund, the University of Washington building
account, the volunteer firefighters' and reserve officers' relief and
pension principal fund, the volunteer firefighters' and reserve
officers' administrative fund, the Washington judicial retirement
system account, the Washington law enforcement officers' and
firefighters' system plan 1 retirement account, the Washington law
enforcement officers' and firefighters' system plan 2 retirement
account, the Washington public safety employees' plan 2 retirement
account, the Washington school employees' retirement system combined
plan 2 and 3 account, the Washington state economic development
commission account, the Washington state health insurance pool account,
the Washington state patrol retirement account, the Washington State
University building account, the Washington State University bond
retirement fund, the water pollution control revolving fund, and the
Western Washington University capital projects account. Earnings
derived from investing balances of the agricultural permanent fund, the
normal school permanent fund, the permanent common school fund, the
scientific permanent fund, ((and)) the state university permanent fund,
and the state reclamation revolving account shall be allocated to their
respective beneficiary accounts.
(b) Any state agency that has independent authority over accounts
or funds not statutorily required to be held in the state treasury that
deposits funds into a fund or account in the state treasury pursuant to
an agreement with the office of the state treasurer shall receive its
proportionate share of earnings based upon each account's or fund's
average daily balance for the period.
(5) In conformance with Article II, section 37 of the state
Constitution, no treasury accounts or funds shall be allocated earnings
without the specific affirmative directive of this section.
Sec. 15 RCW 43.84.150 and 1998 c 14 s 4 are each amended to read
as follows:
((Except where otherwise specifically provided by law,)) When
investment authority over a particular fund or account lies with the
state investment board, the board shall have full power to invest,
reinvest, manage, contract, or sell or exchange investments acquired.
Investments shall be made in accordance with RCW 43.33A.140 and
investment policy duly established and published by the state
investment board.
Sec. 16 RCW 2.10.080 and 1991 sp.s. c 13 s 114
are each amended
to read as follows:
(1) The state treasurer shall be the custodian of all funds and
securities of the retirement system. Disbursements from this fund
shall be made by the state treasurer upon receipt of duly authorized
vouchers.
(2) The state treasurer is hereby authorized and directed to
deposit any portion of the funds of the retirement system not needed
for immediate use in the same manner and subject to all the provisions
of law with respect to the deposit of state funds by such treasurer.
All investment income earned by such portion of the retirement system's
funds as may be deposited by the state treasurer in pursuance of
authority herewith given shall be collected by him or her and placed to
the credit of the retirement fund, less the allocation to the ((state
investment board expense account pursuant to RCW 43.33A.160 and to
the)) state treasurer's service fund pursuant to RCW 43.08.190.
(3) ((The state investment board established by RCW 43.33A.020 has
full power to invest or reinvest the funds of this system in those
classes of investments authorized by RCW 43.84.150.)) For the purpose of providing amounts to be used to defray the
cost of administration, the judicial retirement board shall ascertain
at the beginning of each biennium and request from the legislature an
appropriation sufficient to cover estimated expenses for the said
biennium.
(4)
NEW SECTION. Sec. 17 The following acts or parts of acts are
each repealed:
(1) RCW 41.45.233 (Pension funding stabilization account -- State
investment board) and 2006 c 56 s 2; and
(2) RCW 43.33A.230 (Basic health plan self-insurance reserve
account -- Board duties and powers) and 2000 c 80 s 6.
NEW SECTION. Sec. 18 Sections 2 and 4 of this act expire July 1,
2012.
NEW SECTION. Sec. 19 Sections 3 and 5 of this act take effect
July
1, 2012.