OLYMPIA, Wash. – Washington voters will decide whether to amend the state’s constitution to allow the investment of money in its long-term care fund in a more diverse portfolio. The proposed constitutional amendment, Senate Joint Resolution No. 8201, is the only statewide measure appearing before voters in the Evergreen State this Fall.
“If there’s inflation and the legislature says ‘Oh, we need to adjust the size of the benefit so people in 15 years getting the benefit are able to purchase what they can today with the same amount,’ it would make it so they could adjust it,” said Lynn Kimball of Aging and Long-Term Care of Eastern Washington.
Under current law, the approximately $1 billion that WA Cares has collected can only be invested in low-risk investments like bonds and certificates of deposit. Under Senate Joint Resolution No. 8201, the Washington State Investment Board could invest the money in the stocks of private companies.
“They could invest that fund or those funds or at least a portion of those funds in stocks and kind of diversify their portfolio,” said Kimball.
Some Washington voters, like Richard Conoboy of Bellingham, have spoken out to say it is just not worth the risk.
“It’s a risky scheme,” said Conoboy. “I think what Bob Hasegawa in the thing he wrote up against this bill was absolutely correct.”
In a statement printed in the 2025 General Election Voters’ Pamphlet, State Senator Hasegawa, alongside other Washington state politicians, spoke on previous losses by the state’s investment board.
“In the 2008, the State Investment Board lost -26.2% and 2022 lost -12.9%. It’s how the stock market works. In future recessions or market crashes, when returns fall short, benefits must be cut or tax rates must go up,” the statement reads in part.
“If you want to have solid returns to support people that are extremely vulnerable then you have to get into other investment vehicles,” Conoboy said.
However, if the State Investment Board does see gains, under Senate Joint Resolution No. 8201, it is that same vulnerable population who would benefit.
“The difference is having access to WA Cares means that people have some breathing room,” Kimball shared.
Currently, the benefit amount for WA Cares is $36,500. Kimball says that if investments under Senate Joint Resolution No. 8201 were to be successful, it leaves room for the benefit amount to be raised as inflation increases.
This proposed constitutional amendment would become state law is over 50 percent of voters vote ‘yes.’
