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.