SENATE BILL REPORT
SB 6361
BYSenator Moore
Increasing the number of nonvoting members of the state investment board.
Senate Committee on Financial Institutions & Insurance
Senate Hearing Date(s):January 29, 1988
Senate Staff:Benson Porter (786-7470)
AS OF JANUARY 28, 1988
BACKGROUND:
The State Investment Board manages approximately $13 billion in retirement funds, Labor and Industry trust funds, and permanent state funds. The Board consists of fourteen members: nine voting and five nonvoting members. The five nonvoting members are appointed by the State Investment Board and are considered qualified and experienced in the field of investments. These nonvoting members comprise an advisory committee called the Investment Committee which makes recommendations to the voting members. Due to the increased complexity of investments, it has been suggested that additional investment expertise from increased members to this committee would be beneficial.
The State Investment Board is required to meet at least quarterly.
SUMMARY:
Two nonvoting members are added to the State Investment Board.
The State Investment Board is required to meet at least monthly.
Appropriation: none
Revenue: none
Fiscal Note: requested January 19, 1988