Washington SB 6311: Using savings that are the result of extraordinary investment returns in the state’s pension systems to fund transportation projects.

Bill Text

AN ACT Relating to using savings that are the result of 1
extraordinary investment returns in the state's pension systems to 2
fund transportation projects; adding a new section to chapter 41.45 3
RCW; adding a new section to chapter 46.68 RCW; and creating a new 4
section.5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:6
NEW SECTION. Sec. 1. The legislature finds that the state saves 7
taxpayer funds as a result of the extraordinary returns on the 8
investment of pension funds by the state investment board. The 9
legislature further finds that there is a significant need to 10
investment in transportation projects. As such, the legislature 11
intends to transfer a portion of the savings that are the result of 12
extraordinary investment returns to be used for investments in the 13
state's transportation system.14
NEW SECTION. Sec. 2. A new section is added to chapter 41.45 15
RCW to read as follows:16
(1) Beginning with rates adopted by the pension funding council 17
for the 2025-2027 biennium, the state actuary shall estimate the 18
amount of the savings that will accrue to the state general fund each 19
year as a result of lower contribution rates resulting from deferred 20
S-4458.1
SENATE BILL 6311
State of Washington 68th Legislature 2024 Regular Session
By Senator Mullet
Read first time 01/30/24. Referred to Committee on Ways & Means.
p. 1 SB 6311

investment gains, net of deferred losses, as identified in RCW 1
41.45.035(4).2
(2) The state actuary shall report the estimated savings 3
calculated under subsection (1) of this section to the office of the 4
state treasurer.5
NEW SECTION. Sec. 3. A new section is added to chapter 46.68 6
RCW to read as follows:7
Beginning June 1, 2026, and once per fiscal year thereafter, the 8
state treasurer shall transfer to the motor vehicle fund from the 9
general fund an amount to 50 percent of the amount calculated under 10
section 2 of this act.11
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