Long-term care: Don’t tie state investors’ hands

Washington legislators demonstrated concern for seniors’ future physical and financial well-being by enacting the Long Term Care Trust Act in 2019. However, one more critical step is needed to assure that adequate funds are available when seniors need the care.

ESJR 8212 will assure that the Washington State Investment Board has options, such as investing in stocks and bonds, to assure growth of the funds to adequately cover future costs. Without this authority, WSIB would be constitutionally prohibited to invest in these securities.

This constitutional amendment is needed to exempt WSIB from that restriction. Other programs like worker’s compensation, disability trust funds and pensions for teachers and firefighters already are allowed to invest in stocks and bonds.

It makes no legal or practical sense not to afford WSIB the same flexibility to protect and grow long term care funds as well.