SENATE BILL REPORT

HB 2503

BYRepresentatives Vekich, Walker, R. King and Winsley; by request of Department of Labor and Industries

Allowing supplemental pension funds to be invested.

House Committe on Commerce & Labor

Senate Committee on Ways & Means

Senate Hearing Date(s):February 22, 1990; February 23, 1990

Majority Report:  Do pass as amended.

      Signed by Senators McDonald, Chairman; Craswell, Vice Chairman; Amondson, Bailey, Bauer, Bluechel, Cantu, Fleming, Gaspard, Johnson, Lee, Matson, Moore, Newhouse, Niemi, Owen, Talmadge, Warnke, Williams, Wojahn.

Senate Staff:Susanne Windels (786-7715)

                  February 25, 1990

AS REPORTED BY COMMITTEE ON WAYS & MEANS, FEBRUARY 23, 1990

BACKGROUND:

The State Investment Board has statutory authority to invest certain industrial insurance trust funds:  the accident fund, the medical aid fund, and the reserve fund.  The supplemental pension fund is invested by the State Treasurer's office.

SUMMARY:

The State Investment Board's authority to invest industrial insurance trust funds is amended to include the supplemental pension fund.

Appropriation:    none

Revenue:    none

Fiscal Note:      available

SUMMARY OF PROPOSED SENATE AMENDMENT:

The title is amended and an emergency clause added enabling the bill to take effect immediately.

Senate Committee - Testified: Brett Buckley, Department of Labor and Industries (for)