What to expect in Washington state on Election Day

Washington state voters will decide on a constitutional amendment regarding the WA Cares Fund, a long-term care insurance program. The amendment, Senate Joint Resolution 8201, proposes allowing funds from this program, which is financed by a 0.58% payroll tax, to be invested in the stock market. This is the sole statewide ballot measure in the upcoming election, which otherwise features primarily municipal races. Supporters of the amendment argue that stock market investments would enhance the fund's long-term stability and growth. Conversely, opponents express concerns that market volatility could jeopardize the fund, potentially leading to reduced benefits or increased taxes. This issue was previously on the ballot in November 2020, where a similar measure was rejected by approximately 54% of Washington voters. The state constitution generally prohibits public funds from being invested in private stocks, but voters have previously approved exceptions for other public funds. If the measure passes, the Washington State Investment Board, which manages existing exempted funds, would also oversee the WA Cares Fund. This marks the latest in a series of proposed constitutional amendments in Washington ... download the app to read more