AN
ACT Relating to increasing the size of the state investment board; amending RCW
43.33A.020 and 43.33A.040; and providing an effective date.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.33A.020 and 1985 c 195 s 1 are each amended to read as follows:
There
is hereby created the state investment board to consist of ((fourteen)) fifteen
members to be appointed as provided in this section.
(1)
One member who is an active member of the public employees' retirement system
and has been an active member for at least five years. This member shall be
appointed by the governor, subject to confirmation by the senate, from a list
of nominations submitted by organizations representing active members of the
system. The initial term of appointment shall be one year.
(2)
One member who is an active member of the law enforcement officers' and fire
fighters' retirement system and has been an active member for at least five
years. This member shall be appointed by the governor, subject to confirmation
by the senate, from a list of nominations submitted by organizations
representing active members of the system. The initial term of appointment
shall be two years.
(3)
One member who is an active member of the teachers' retirement system and has
been an active member for at least five years. This member shall be appointed
by the superintendent of public instruction subject to confirmation by the
senate. The initial term of appointment shall be three years.
(4)
The state treasurer or the assistant state treasurer if designated by the state
treasurer.
(5)
A member of the state house of representatives. This member shall be appointed
by the speaker of the house of representatives.
(6)
A member of the state senate. This member shall be appointed by the president
of the senate.
(7)
One member who is a retired member of a state retirement system shall be
appointed by the governor, subject to confirmation by the senate. The initial
term of appointment shall be three years.
(8)
The director of the department of labor and industries.
(9)
The director of the department of retirement systems.
(10)
One member who is an active member of the school employees' retirement
system and has at least five years of service credit. This member shall be
appointed by the superintendent of public instruction subject to confirmation
by the senate. The initial term of appointment shall be three years.
(11)
Five nonvoting members appointed by the state investment board who are
considered experienced and qualified in the field of investments.
The
legislative members shall serve terms of two years. The initial legislative
members appointed to the board shall be appointed no sooner than January 10,
1983. The position of a legislative member on the board shall become vacant at
the end of that member's term on the board or whenever the member ceases to be
a member of the senate or house of representatives from which the member was
appointed.
After
the initial term of appointment, all other members of the state investment
board, except ex officio members, shall serve terms of three years and shall
hold office until successors are appointed. Members' terms, except for ex
officio members, shall commence on January 1 of the year in which the
appointments are made.
Members
may be reappointed for additional terms. Appointments for vacancies shall be
made for the unexpired terms in the same manner as the original appointments.
Any member may be removed from the board for cause by the member's respective
appointing authority.
Sec.
2. RCW
43.33A.040 and 1981 c 219 s 2 are each amended to read as follows:
(1)
A quorum to conduct the business of the state investment board consists of at
least ((four voting members of the board before January 10, 1983, and five))
six voting members ((thereafter)). No action may be taken by the
board without the affirmative vote of ((four members before January 10,
1983, and five)) six members ((thereafter)).
(2)
The state investment board shall meet at least quarterly at such times as it
may fix. The board shall elect a chairperson and vice chairperson annually:
PROVIDED, That the legislative members are not eligible to serve as
chairperson.
NEW
SECTION. Sec. 3. This
act takes effect September 1, 2002.
