Wash. Rev. Code § 43.33A.010
General powers and duties
Unless otherwise prescribed by law, the state investment board shall exercise all the powers and perform all duties with respect to the investment of public trust and retirement funds.
Revised Code of Washington Chapter 43.33A — State Investment Board
Washington · statute · Wash. Rev. Code ch. 43.33A · 24 active provisions
Provisions
Wash. Rev. Code § 43.33A.020
Board created—Membership—Terms—Vacancies—Removal
There is hereby created the state investment board to consist of fifteen members to be appointed as provided in this section.(1) One member who is an active member of the public employees' retirement system and has been an active member for at least five years. This member shall be appointed by the governor, subject to…
Wash. Rev. Code § 43.33A.025
Criminal history record checks for board staff finalist candidates
(1) Notwithstanding any provision of RCW 43.43.700 through 43.43.815, the state investment board shall require a criminal history record check for conviction records through the Washington state patrol criminal identification system, and through the federal bureau of investigation, for the purpose of conducting preempl…
Wash. Rev. Code § 43.33A.030
Trusteeship of funds—Contracts—Delegation of powers and duties
Trusteeship of those funds under the authority of the board is vested in the voting members of the board. The nonvoting members of the board shall advise the voting members on matters of investment policy and practices.The board may enter into contracts necessary to carry out its powers and duties. The board may delega…
Wash. Rev. Code § 43.33A.035
Delegation of authority—Investments or investment properties
The board or its executive director may delegate by contract to private sector or other external advisors or managers the discretionary authority, as fiduciaries, to purchase or otherwise acquire, sell, or otherwise dispose of or manage investments or investment properties on behalf of the board, subject to investment…
Wash. Rev. Code § 43.33A.040
Quorum—Meetings—Chairperson—Vice chairperson
(1) A quorum to conduct the business of the state investment board consists of at least six voting members. No action may be taken by the board without the affirmative vote of six members.(2) The state investment board shall meet at least quarterly at such times as it may fix. The board shall elect a chairperson and vi…
Wash. Rev. Code § 43.33A.050
Compensation of members—Travel expenses
Members of the state investment board who are public employees shall serve without compensation but shall suffer no loss because of absence from their regular employment. Members of the board who are not public employees shall be compensated in accordance with RCW 43.03.240. Members of the board who are not legislators…
Wash. Rev. Code § 43.33A.060
Employment restrictions
No member during the term of appointment may be employed by any investment brokerage or mortgage servicing firm doing business with the state investment board. A trust department of a commercial bank or trust company organized under federal or state law is not considered a mortgage servicing firm for purposes of this s…
Wash. Rev. Code § 43.33A.070
Liability of members
No member of the state investment board is liable for the negligence, default, or failure of any other person or other member of the board to perform the duties of the member's office and no member of the board shall be considered or held to be an insurer of the funds or assets of any of the trust and retirement funds…
Wash. Rev. Code § 43.33A.080
Investment of funds in farm, soil, water conservation loans and in Washington land bank
The state investment board may invest those funds which are not under constitutional prohibition in: (1) Farm ownership and soil and water conservation loans fully guaranteed as to principal and interest under the Bankhead-Jones farm tenant act administered by the United States department of agriculture; and (2) the Wa…
Wash. Rev. Code § 43.33A.090
Records
The state investment board shall keep a full and complete public record of its proceedings in appropriate books of record. Within sixty days of July 1, 1981, the state investment board shall assume physical custody of all investment accounts, files, and other records of each fund placed under the investment authority o…
Wash. Rev. Code § 43.33A.100
Offices—Personnel—Officers—Compensation—Transfer of employees—Existing contracts and obligations
The state investment board shall maintain appropriate offices and employ such personnel as may be necessary to perform its duties. Employment by the investment board shall include but not be limited to an executive director, investment officers, and a confidential secretary, which positions are exempt from classified s…
Wash. Rev. Code § 43.33A.110
Rules and regulations—Investment policies and procedures
The state investment board may make appropriate rules and regulations for the performance of its duties. The board shall establish investment policies and procedures designed exclusively to maximize return at a prudent level of risk. However, in the case of the department of labor and industries' accident, medical aid,…
Wash. Rev. Code § 43.33A.120
Examination of accounts, files, and other records
All accounts, files, and other records of the state investment board which pertain to each retirement system are subject at any time or from time to time to such reasonable periodic, special, or other examinations by the department of retirement systems as the director of the department of retirement systems deems nece…
Wash. Rev. Code § 43.33A.130
Securities—State treasurer may cause same to be registered in the name of the nominee
The state treasurer may cause any securities in which the state investment board deals to be registered in the name of a nominee without mention of any fiduciary relationship, except that adequate records shall be maintained to identify the actual owner of the security so registered. The securities so registered shall…
Wash. Rev. Code § 43.33A.135
Investment policy—Investment options
The state investment board has the full power to establish investment policy, develop participant investment options, and manage investment funds for the college savings program, if the committee on advanced tuition payment and college savings selects the state investment board as the investment manager pursuant to RCW…
Wash. Rev. Code § 43.33A.140
Investments—Standard of investment and management
The state investment board shall invest and manage the assets entrusted to it with reasonable care, skill, prudence, and diligence under circumstances then prevailing which a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an activity of like character and purpose.The…
Wash. Rev. Code § 43.33A.150
Reports of investment activities
(1) The state investment board shall prepare written reports at least quarterly summarizing the investment activities of the state investment board, which reports shall be sent to the governor, the senate ways and means committee, the house appropriations committee, the department of retirement systems, and other agenc…
Wash. Rev. Code § 43.33A.160
Funding of board—State investment board expense account
(1) The state investment board shall be funded from the earnings of the funds managed by the state investment board, proportional to the value of the assets of each fund, subject to legislative appropriation.(2) There is established in the state treasury a state investment board expense account from which shall be paid…
Wash. Rev. Code § 43.33A.170
Commingled trust funds—Participation of funds in investments of board
The state investment board is authorized to establish commingled trust funds in the state treasury for the implementation of specific investment programs for any combination of funds under its jurisdiction. At the discretion of the state investment board, the funds under the jurisdiction of the board may participate in…
Wash. Rev. Code § 43.33A.180
Investment accounting—Transfer of functions and duties from state treasurer's office
The state investment board shall account for and report on the investments authorized by this chapter in the manner prescribed by the office of financial management under chapter 43.88 RCW.After approval of the director of financial management, all positions, reports, documents, and office equipment along with any appr…
Wash. Rev. Code § 43.33A.190
Self-directed investment—Board's duties (as amended by 2016 c 39)
Pursuant to RCW 41.34.130 and 43.330.464, the state investment board shall invest all self-directed investment moneys under teachers' retirement system plan 3, the school employees' retirement system plan 3, ((and)) the public employees' retirement system plan 3, and the Washington achieving a better life experience pr…
Wash. Rev. Code § 43.33A.200
Creation of entities for investment purposes—Liability—Tax status
(1) The board is authorized to create corporations under Title 23B RCW, limited liability companies under chapter 25.15 RCW, and limited partnerships under chapter 25.10 RCW, of which it may or may not be the general partner, for the purposes of transferring, acquiring, holding, overseeing, operating, or disposing of r…
Wash. Rev. Code § 43.33A.210
Assets not publicly traded—Treatment of rent and income—Management accounts—Application of this chapter and chapter 39.58 RCW
Rent and other income from real estate or other investment assets that are not publicly traded on a daily basis or on an organized exchange that are acquired and being held for investment by the board or by an entity created under RCW 43.33A.200 by the board, and being managed by an external advisor or other property m…