H-2987.1
HOUSE BILL 2565
State of Washington
69th Legislature
2026 Regular Session
By Representatives Stokesbary and Couture
Read first time 01/19/26. Referred to Committee on Postsecondary Education & Workforce.
AN ACT Relating to the investment of gifts, grants, conveyances, bequests, and devises of the University of Washington; amending RCW 28B.20.130 ; adding a new section to chapter 43.33A RCW; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that the Washington state investment board is one of the largest and most respected public investment managers in the United States, with over $190,000,000,000 in total assets under management. Moreover, international benchmarking studies have consistently ranked the state investment board as one of the lowest cost, highest performing institutional investors in the world. However, despite the state investment board's renowned international reputation and unparalleled performance, the University of Washington has attempted to replicate this infrastructure and expertise, at a significantly greater cost, through the establishment of the University of Washington investment management company. The legislature finds that the state investment board's 2024 expenses were 0.51 percent of assets under management and that annualized investment returns of the comingled trust fund are 8.9 percent per year since its inception in 1992, whereas the internal administrative fees charged by the University of Washington in 2024 were 0.90 percent of assets under management and that annualized investment returns of its funds are 6.8 percent since 2005. Therefore, it is the intent of the legislature to eliminate unnecessary and duplicative costs by disbanding the University of Washington investment management company and folding its investment portfolios into accounts at the state investment board.
Sec. 2. RCW 28B.20.130 and 2012 c 229 s 804 are each amended to read as follows: