§ 51.44.100 — Investment of accident, medical aid, reserve, self-insurance reserve, industrial insurance rainy day, supplemental pension funds.

Washington § 51.44.100

• Jurisdiction: Washington
• Title 51: INDUSTRIAL INSURANCE
• Ch. 51.44: FUNDS

Text

Whenever, in the judgment of the state investment board, there shall be in the accident fund, medical aid fund, reserve fund, self-insurance reserve fund, industrial insurance rainy day fund, or the supplemental pension fund, funds in excess of that amount deemed by the state investment board to be sufficient to meet the current expenditures properly payable therefrom, the state investment board may invest and reinvest such excess funds in the manner prescribed by RCW 43.84.150 , and not otherwise.

The state investment board may give consideration to the investment of excess funds in federally insured student loans made to persons in vocational training or retraining or reeducation programs. The state investment board may make such investments by purchasing from savings and loan associations, commercial banks, mutual savings banks, credit unions and other institutions authorized to be lenders under the federally insured student loan act, organized under federal or state law and operating in this state loans made by such institutions to residents of the state of Washington particularly for the purpose of vocational training or reeducation: PROVIDED, That the state investment board shall purchase only that portion of any loan which is guaranteed or insured by the United States of America, or by any agency or instrumentality of the United States of America: PROVIDED FURTHER, That the state investment board is authorized to enter into contracts with such savings and loan associations, commercial banks, mutual savings banks, credit unions, and other institutions authorized to be lenders under the federally insured student loan act to service loans purchased pursuant to this section at an agreed upon contract price.

Effective date — 2023 c 110 ss 1 and 4-13: See note following RCW 51.44.155 .

Finding — Effective date — 2011 1st sp.s. c 37: See notes following RCW 51.32.090 .

Effective dates — Severability — 1981 c 3: See notes following RCW 43.33A.010 .

Severability — 1973 1st ex.s. c 103: See note following RCW 2.10.080 .

Legislative finding — Purpose — 1972 ex.s. c 92: "The legislature finds that the accident fund, medical aid fund and reserve funds could be invested in such a manner as to promote vocational training and retraining or reeducation among the workers of this state. The legislature recognizes that federally insured student loans are already available to students at institutions of higher education. The legislature declares that the purpose of this 1972 amendatory act is to encourage the state finance committee to consider making some investment funds available for investment in federally insured student loans made to persons enrolled in vocational training and retraining or reeducation programs." [ 1972 ex.s. c 92 s 1 .]

Legislative History

[2023 c 110 s 9;2011 1st sp.s. c 37 s 602;1990 c 80 s 1;1981 c 3 s 41;1973 1st ex.s. c 103 s 6;1972 ex.s. c 92 s 2;1965 ex.s. c 41 s 1;1961 c 281 s 10;1961 c 23 s 51.44.100. Prior:1959 c 244 s 1;1935 c 90 s 1; RRS s 7705-1.]