2436 AMS WM S4910.1

HB 2436  - S COMM AMD
     By Committee on Ways & Means

     Strike everything after the enacting clause and insert the following:

"Sec. 1   RCW 41.05.120 and 2005 c 518 s 921 and 2005 c 143 s 3 are each reenacted and amended to read as follows:
     (1) The public employees' and retirees' insurance account is hereby established in the custody of the state treasurer, to be used by the administrator for the deposit of contributions, the remittance paid by school districts and educational service districts under RCW 28A.400.410, reserves, dividends, and refunds, for payment of premiums for employee and retiree insurance benefit contracts and subsidy amounts provided under RCW 41.05.085, and transfers from the ((medical)) flexible spending administrative account as authorized in RCW 41.05.123. Moneys from the account shall be disbursed by the state treasurer by warrants on vouchers duly authorized by the administrator. Moneys from the account may be transferred to the ((medical)) flexible spending administrative account to provide reserves and start-up costs for the operation of the ((medical)) flexible spending administrative account program.
     (2) The state treasurer and the state investment board may invest moneys in the public employees' and retirees' insurance account. All such investments shall be in accordance with RCW 43.84.080 or 43.84.150, whichever is applicable. The administrator shall determine whether the state treasurer or the state investment board or both shall invest moneys in the public employees' and retirees' insurance account.
     (3) ((During the 2005-07 fiscal biennium, the legislature may transfer from the public employees' and retirees' insurance account such amounts as reflect the excess fund balance of the fund.)) The public employees' benefits board benefits account is created in the state treasury. Moneys in the account must be used exclusively to purchase, through consolidated contracts, benefits or services approved by the public employees' benefits board for the benefit of subscribers and members. Moneys in the account, including unanticipated receipts under RCW 43.79.270, may be spent only after appropriation by statute."

HB 2436  - S COMM AMD
     By Committee on Ways & Means

     On page 1, line 2 of the title, after "account;" strike the remainder of the title and insert "and reenacting and amending RCW 41.05.120."

EFFECT:  Requires that funds in the new account be spent only after appropriation by the legislature. Treats the new account similar to the health care authority administrative account. Benefits or services for PEBB members can be purchased using the new account only if those benefits or services have been approved by the Public Employees' Benefits Board.

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