HB 2436 -
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 -
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.