Z-0087.1  _______________________________________________

                          HOUSE BILL 2057

          _______________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Representatives H. Sommers, Sehlin, Benson and Hatfield; by request of State Investment Board

Read first time 02/13/2001.  Referred to Committee on Financial Institutions & Insurance.

Establishing compensation levels for certain employees of the state investment board.

    AN ACT Relating to the state investment board; and amending RCW 43.33A.100.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

    Sec. 1.  RCW 43.33A.100 and 1993 c 281 s 50 are each amended to read as follows:

    The state investment board shall maintain appropriate offices and employ such personnel as may be necessary to perform its duties.  Employment by the investment board shall include but not be limited to an executive director, investment officers, and a confidential secretary, which positions are exempt from classified service under chapter 41.06 RCW.  Employment of the executive director by the board shall be for a term of three years, and such employment shall be subject to confirmation of the state finance committee:  PROVIDED, That nothing shall prevent the board from dismissing the director for cause before the expiration of the term nor shall anything prohibit the board, with the confirmation of the state finance committee, from employing the same individual as director in succeeding terms.  Compensation levels for the executive director, a confidential secretary, and all investment officers, including the deputy director for investment management, employed by the investment board shall be established by the ((Washington personnel resources)) state investment board.

    As of July 1, 1981, all employees classified under chapter 41.06 RCW and engaged in duties assumed by the state investment board on July 1, 1981, are assigned to the state investment board.  The transfer shall not diminish any rights granted these employees under chapter 41.06 RCW nor exempt the employees from any action which may occur thereafter in accordance with chapter 41.06 RCW.

    All existing contracts and obligations pertaining to the functions transferred to the state investment board in this 1980 act shall remain in full force and effect, and shall be performed by the board.  None of the transfers directed by this 1980 act shall affect the validity of any act performed by a state entity or by any official or employee thereof prior to July 1, 1981.

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