WASHINGTON – A proposal to amend the state constitution is faring well for proponents of the measure after the first tally of votes in the Nov. 4 General Election.
Senate Joint Resolution 8201, getting 57% of the vote, aims to allow Washington’s long-term care fund to invest in private company stocks. Currently, the state constitution restricts investments to fixed-income securities like government and corporate bonds.
Some funds, such as public pension or retirement funds, are not bound by this restriction.
In 2019, Washington launched a long-term care insurance program funded by employee payroll deductions.
These funds go into the Long-Term Services and Supports Trust Account, which cannot be invested in stocks.
Passage of the resolution will pave the way for the Trust Account to invest in private stocks, potentially boosting income for long-term care services.
