by
<a href="mailto:loganb@awcnet.org">Logan Bahr</a>, <a href="mailto:brandona@awcnet.org">Brandon Anderson</a> | Jan 18, 2019
<a target="_blank" href="https://app.leg.wa.gov/billsummary?BillNumber=5240&Year=2019&initiative="><strong>SB 5240</strong></a>, introduced by Sen. Reuven Carlyle (D-Seattle), authorizes the Washington State Investment Board (WSIB) to enter into agreements with first-class cities to assume the duties of investing city retirement funds.
SB 5240, introduced by Sen. Reuven Carlyle (D-Seattle), authorizes the Washington State Investment Board (WSIB) to enter into agreements with first-class cities to assume the duties of investing city retirement funds.
Under current law, first-class cities are authorized to manage the investment of their own employee retirement funds. This legislation would allow first-class cities to enter into an irrevocable agreement with the WSIB to invest the local plan assets.
Dates to remember
SB 5250 is scheduled for a hearing on Wednesday, January 23 in the Senate Ways and Means Committee.