Z-1263               _______________________________________________

                                                   HOUSE BILL NO. 1398

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State of Washington                              50th Legislature                              1988 Regular Session

By Representatives R. King, Smith, Wang and Sayan; by request of Department of Labor and Industries

Read first time 1/15/88 and referred to Committee on Commerce & Labor.

AN ACT Relating to the reserve fund administered by the department of labor and industries; and amending RCW 51.44.080.

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

        Sec. 1.  Section 51.44.080, chapter 23, Laws of 1961 as last amended by section 29, chapter 43, Laws of 1972 ex. sess. and RCW 51.44.080 are each amended to read as follows:

          The department shall notify the state treasurer from time to time, of such transfers as a whole from the state fund to the reserve fund and the interest or other earnings of the reserve fund shall become a part of the reserve fund itself.  As soon as possible after June 30th of each year the state insurance commissioner shall expert the reserve fund to ascertain its standing as of June 30th of that year and the relation of its outstanding annuities at their then value ((on the bases currently employed for new cases)) to the cash on hand or at interest belonging to the fund.  He shall promptly report the result of his examination to the department and to the state treasurer in writing not later than September 30th following.  If the report shows that there was on said June 30th, in the reserve fund in cash or at interest, a greater sum than the then annuity value of the outstanding pension obligations, the surplus shall be forthwith turned over to the state fund but, if the report shows the contrary condition of the reserve fund, the deficiency shall be forthwith made good out of the state fund.