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Sec. 926. RCW 41.05.120 and 2018 c 260 s 25 are each amended to 1 read as follows: 2 (1) The public employees' and retirees' insurance account is 3 hereby established in the custody of the state treasurer, to be used 4 by the director for the deposit of contributions, the remittance paid 5 by school districts and educational service districts under RCW 6 28A.400.410, reserves, dividends, and refunds, for payment of 7 premiums and claims for employee and retiree insurance benefit 8 contracts and subsidy amounts provided under RCW 41.05.085, and 9 transfers from the flexible spending administrative account as 10 authorized in RCW 41.05.123. Moneys from the account shall be 11 disbursed by the state treasurer by warrants on vouchers duly 12 authorized by the director. Moneys from the account may be 13 transferred to the flexible spending administrative account to 14 provide reserves and start-up costs for the operation of the flexible 15 spending administrative account program. 16 (2) The state treasurer and the state investment board may invest 17 moneys in the public employees' and retirees' insurance account. All 18 such investments shall be in accordance with RCW 43.84.080 or 19 43.84.150, whichever is applicable. The director shall determine 20 whether the state treasurer or the state investment board or both 21 shall invest moneys in the public employees' and retirees' insurance 22 account. 23 (3) The school employees' insurance account is hereby established 24 in the custody of the state treasurer, to be used by the director for 25 the deposit of contributions, reserves, dividends, and refunds, for 26 payment of premiums and claims for school employee insurance benefit 27 contracts, and for transfers from the school employees' benefits 28 board flexible spending and dependent care administrative account as 29 authorized in this subsection. Moneys from the account shall be 30 disbursed by the state treasurer by warrants on vouchers duly 31 authorized by the director. Moneys from the account may be 32 transferred to the school employees' benefits board flexible spending 33 and dependent care administrative account to provide reserves and 34 start-up costs for the operation of the school employees' benefits 35 board flexible spending arrangement and dependent care assistance 36 program. 37 (4) The state treasurer and the state investment board may invest 38 moneys in the school employees' insurance account. These investments 39 must be in accordance with RCW 43.84.080 or 43.84.150, whichever is 40 p. 672 ESSB 5187.SL