_______________________________________________
SUBSTITUTE
SENATE BILL 6012
_______________________________________________
Passed
Legislature - 1999 Regular Session
State
of Washington 56th Legislature 1999 Regular Session
By
Read
first time 03/05/99.
Declaring monthly unit valuations for certain portfolios
and funds managed by the state investment board.
AN
ACT Relating to a monthly unit valuation for certain portfolios and funds
managed by the state investment board; and amending RCW 41.34.060 and
41.34.140.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
41.34.060 and 1998 c 341 s 303 are each amended to read as follows:
(1)
Except as provided in subsection (((2))) (3) of this section, the
member's account shall be invested by the state investment board. In order to
reduce transaction costs and address liquidity issues, based upon
recommendations of the state investment board, the department may require
members to provide up to ninety days' notice prior to moving funds from the
state investment board portfolio to self-directed investment options provided
under subsection (((2))) (3) of this section.
(a)
For members of the retirement system as provided for in chapter 41.32 RCW of
plan III, investment shall be in the same portfolio as that of the teachers'
retirement system combined plan II and III fund under RCW 41.50.075(2).
(b)
For members of the retirement system as provided for in chapter 41.35 RCW of
plan III, investment shall be in the same portfolio as that of the school
employees' retirement system combined plan II and III fund under RCW 41.50.075(4).
(2)
The state investment board shall declare monthly unit values for the
portfolios or funds, or portions thereof, utilized under subsection (1)(a) and
(b) of this section. The declared values shall be an approximation of
portfolio or fund values, based on internal procedures of the state investment
board. Such declared unit values and internal procedures shall be in the sole
discretion of the state investment board. The state investment board may
delegate any of the powers and duties under this subsection, including
discretion, pursuant to RCW 43.33A.030. Member accounts shall be credited by
the department with a rate of return based on changes to such unit values.
(3)
Members may elect to self-direct their investments as set forth in RCW 41.34.130
and 43.33A.190.
Sec.
2. RCW
41.34.140 and 1998 c 341 s 308 are each amended to read as follows:
(1)
A state board or commission, agency, or any officer, employee, or member
thereof is not liable for any loss or deficiency resulting from member defined
contribution investments selected or required pursuant to RCW 41.34.060 (1) or
(((2))) (3).
(2)
Neither the board nor the state investment board, nor any officer, employee, or
member thereof is liable for any loss or deficiency resulting from reasonable
efforts to implement investment directions pursuant to RCW 41.34.060 (1) or (((2)))
(3).
(3)
The state investment board, or any officer, employee, or member thereof is not
liable with respect to any declared monthly unit valuations or crediting of
rates of return, or any other exercise of powers or duties, including
discretion, under RCW 41.34.060(2).
(4)
The department, or any officer or employee thereof, is not liable for crediting
rates of return which are consistent with the state investment board's
declaration of monthly unit valuations pursuant to RCW 41.34.060(2).
Passed the Senate March 13, 1999.
Passed the House April 12, 1999.
Approved by the Governor May
10, 1999.
Filed
in Office of Secretary of State May 10, 1999.
