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.
1 AN ACT Relating to using savings that are the result of
2 extraordinary investment returns in the state's pension systems to
3 fund transportation projects; adding a new section to chapter 41.45
4 RCW; adding a new section to chapter 46.68 RCW; and creating a new
5 section.
6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
7 NEW SECTION. Sec. 1. The legislature finds that the state saves
8 taxpayer funds as a result of the extraordinary returns on the
9 investment of pension funds by the state investment board. The
10 legislature further finds that there is a significant need to
11 investment in transportation projects. As such, the legislature
12 intends to transfer a portion of the savings that are the result of
13 extraordinary investment returns to be used for investments in the
14 state's transportation system.
15 NEW SECTION. Sec. 2. A new section is added to chapter 41.45
16 RCW to read as follows:
17 (1) Beginning with rates adopted by the pension funding council
18 for the 2025-2027 biennium, the state actuary shall estimate the
19 amount of the savings that will accrue to the state general fund each
20 year as a result of lower contribution rates resulting from deferred
p. 1 SB 6311
1 investment gains, net of deferred losses, as identified in RCW
2 41.45.035(4).
3 (2) The state actuary shall report the estimated savings
4 calculated under subsection (1) of this section to the office of the
5 state treasurer.
6 NEW SECTION. Sec. 3. A new section is added to chapter 46.68
7 RCW to read as follows:
8 Beginning June 1, 2026, and once per fiscal year thereafter, the
9 state treasurer shall transfer to the motor vehicle fund from the
10 general fund an amount to 50 percent of the amount calculated under
11 section 2 of this act.
--- END ---
p. 2 SB 6311