SENATE BILL REPORT

SB 6361

BYSenator Moore

Increasing the number of nonvoting members of the state investment board.

Senate Committee on Financial Institutions & Insurance

Senate Hearing Date(s):January 29, 1988

Senate Staff:Benson Porter (786-7470)

AS OF JANUARY 28, 1988

BACKGROUND:

The State Investment Board manages approximately $13 billion in retirement funds, Labor and Industry trust funds, and permanent state funds.  The Board consists of fourteen members:  nine voting and five nonvoting members.  The five nonvoting members are appointed by the State Investment Board and are considered qualified and experienced in the field of investments.  These nonvoting members comprise an advisory committee called the Investment Committee which makes recommendations to the voting members.  Due to the increased complexity of investments, it has been suggested that additional investment expertise from increased members to this committee would be beneficial.

The State Investment Board is required to meet at least quarterly.

SUMMARY:

Two nonvoting members are added to the State Investment Board.

The State Investment Board is required to meet at least monthly.

Appropriation:    none

Revenue:    none

Fiscal Note:      requested January 19, 1988