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Washington SJR 8201, Allow Investment of Long-Term Services and Supports Trust Fund in Stocks and Other Equities Amendment (2025)
| Washington Senate Joint Resolution 8201 | |
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| Election date |
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| Topic Public assistance programs and Restricted-use funds |
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| Status On the ballot |
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| Type Legislatively referred constitutional amendment |
Origin |
Washington SJR 8201, the Allow Investment of Long-Term Services and Supports Trust Fund Amendment, is on the ballot in Washington as a legislatively referred constitutional amendment on November 4, 2025.
A "yes" vote supports allowing the Long-Term Services and Supports (LTSS) Trust Fund to be invested in stocks and other equities rather than being limited to fixed-income securities such as bonds and certificates of deposit. |
A "no" vote opposes this constitutional amendment, thereby continuing to limit LTSS Trust Fund investments to fixed-income securities. |
Overview
What would the amendment do?
- See also: Text of measure
The amendment would allow the Long-Term Services and Supports (LTSS) Trust Fund, also known as the WA Cares Fund, to be invested in stocks and equities, rather than being limited to fixed-income securities. Earnings from investments would be dedicated to funding long-term care services and supports for program beneficiaries.[1]
The state constitution prohibits the state from investing funds into stocks or other methods of investment, limiting investments to fixed-income securities such as government and corporate bonds and certificates of deposit. If the amendment is approved, it would be exempt from this constitutional prohibition along with the following funds:
- public pension and retirement funds;
- industrial insurance trust funds; and
- funds that benefit individuals with developmental disabilities.
Have voters decided on a similar measure before?
- See also: Senate Joint Resolution 8212
An amendment to allow the LTSS fund to be invested in stocks or other methods of investment, Senate Joint Resolution 8212, was on the ballot in 2020. Voters rejected the amendment with 54.4% of voters opposed and 45.6% of voters in favor. The amendment received a majority vote in support in three of Washington’s 39 counties — Jefferson, King, and Whatcom.[2]
What is the WA Cares Fund?
- See also: Background
The WA Cares Fund was established in 2019 to provide a lifetime benefit of $36,500 to eligible beneficiaries. WA Cares is a healthcare program funded through a payroll tax of 58 cents per every $100 of an employee’s wages. The program provides long-term health services benefits (such as home health care, adult day care, nursing home care, and group home care) to qualifying individuals. It is the first state-operated long-term care insurance program in the country. As of 2025, the program offered limited pathways for exemptions from paying into the program.
An analysis of the WA Cares Fund conducted by the Washington Office of the State Actuary concluded that the program’s premium rate of 0.58% may be insufficient to keep the program solvent over a 75-year period.[3]
Text of measure
Ballot title
The proposed ballot title is as follows:[4]
| “ |
The legislature has proposed a constitutional amendment on allowing money in Washington's long-term care fund to be invested. This amendment would allow the state fund dedicated to providing long-term care benefits for eligible seniors and people with disabilities to be invested as authorized by law. Should this constitutional amendment be: Approved Rejected[5] |
” |
Constitutional changes
The measure would amend section 1 of Article XXIX of the Washington State Constitution. The following underlined text would be added and struck-through text would be deleted:[1]
Article XXIX, section 1. Notwithstanding the provisions of sections 5, and 7 of Article VIII and section 9 of Article XII or any other section or article of the Constitution of the state of Washington, the moneys of any public pension or retirement fund, industrial insurance trust fund, or fund held in trust for the benefit of persons with developmental disabilities, or fund to provide for long-term care services and supports for eligible seniors and people with disabilities may be invested as authorized by law. Investment income from a fund to provide for long-term care services and supports for eligible seniors and people with disabilities is dedicated to long-term services and supports for program beneficiaries.[5]
Explanatory statement
The Washington Secretary of State's Office issues an official explanatory statement for all ballot measures. For SJR 8201, the explanatory statement is as follows:[4]
| “ |
The Law As It Presently Exists The Washington Constitution generally prohibits investing public money in the stock of private companies. This means that state funds can only be invested in fixed-income securities, such as government and corporate bonds and certificates of deposit. The Constitution currently exempts several funds from this restriction. This exemption applies to any public pension or retirement fund, workers’ compensation funds, and money held in trust for the benefit of people with developmental disabilities, permitting those funds to be invested as authorized by law, including in the stock of private companies. The Washington State Investment Board invests and manages these funds. In 2019, the legislature created a long-term care insurance program. The program provides money to pay for certain long-term care services, such as nursing home care, to program beneficiaries who need assistance with daily living. Under that law, employees pay premiums for long-term care insurance through a payroll deduction, and those premiums are deposited into a Long-Term Services and Supports Trust Account. Under the current provision of the Constitution, money held in the Trust Account cannot be invested in the stock of private companies. The Effect of the Proposed Amendment if Approved This Amendment would allow funds in the Long-Term Services and Supports Trust Account to be invested in the stock of private companies, if authorized by law. Investment income from the Long-Term Services and Supports Trust Account could only be used for long-term care services and supports for program beneficiaries, including for seniors and people with disabilities.[5] |
” |
Support
Supporters
Officials
- Governor Bob Ferguson (D)
- Sen. John Braun (R)
- Sen. Steve Conway (D)
- Sen. Jamie Pedersen (D)
Organizations
- AARP
- National Multiple Sclerosis Society
- Planned Parenthood Alliance Advocates
- Washington Health Care Association
- Washington State Nurses Association
- Washington State Senior Citizens’ Lobby
Arguments
Official arguments
The following is the argument in support of SJR 8201 found on the Secretary of State Website:[6]
Approve 8201 to guarantee long-term care funds are there when we need them 8201 requires 100% of investment income earned by the state’s Long-Term Care Trust Fund to be spent on long-term care services for vulnerable seniors and disabled people. Washingtonians want to live with dignity as they age. 8201 supports this shared goal, strengthening the benefit’s Trust Fund to help seniors and disabled Washingtonians while protecting taxpayers. 8201 is a commonsense measure that ensures tax dollars go further Current law limits investment of the Trust Fund to only low-return choices, like government bonds and savings certificates. 8201 allows the Trust Fund to be invested to produce higher returns. This proven method would be managed by the independent, nonpartisan Washington State Investment Board, which is bound by the highest fiduciary standards. Approve 8201 to increase funding without impacting taxpayers 8201 is projected to grow the Trust Fund by $67 billion over the next 50 years, money that can be used to increase benefits for people with disabilities and seniors without costing taxpayers a penny. Higher earnings mean more money for care – good for seniors, disabled Washingtonians, their families, and taxpayers! 8201 has overwhelming bipartisan support across the political spectrum It’s encouraging when leaders of both parties agree on something – and a supermajority of Democratic and Republican lawmakers approved this commonsense approach. 8201 is supported by nurses, unions, businesses, and groups representing millions of Washingtonian seniors and people with pre-existing conditions. More: Approve8201.org Vote Approve! Argument Prepared By: Justin Gill, APRN, RN, President of Washington State Nurses Association; Bob Ferguson, Governor, Democrat; John Braun, State Senator, Minority Leader, Republican; Carma Matti-Jackson, CEO, Washington Health Care Association; Cathy Knight, State Director, WA Association Area Agencies on Aging; Dani Rice, Caregiver for People with Autism and Down's Syndrome Contact: 206-451-7139; Ana@approve8201.org; Approve8201.org |
Opposition
Opponents
Officials
- State Sen. Bob Hasegawa (D)
- State Sen. Mark Schoesler (R)
- State Rep. Peter Abbarno (R)
- State Rep. Joe Schmick (R)
Arguments
Official arguments
The following is the argument in opposition to SJR 8201 found on the Secretary of State Website:[6]
Reject this constitutional change, again. Washington voters already rejected this proposal to take taxpayer money and invest in private stocks and corporations (2020, SJR8212). Our state founders protected public funds from risky investments by establishing safeguards in our state Constitution prohibiting corporate stock market investments of your tax dollars. Reject constitutional changes that gamble your money in an unstable market. SJR 8201 overturns safeguards for the Long Term Services and Support (LTSS) fund, a multibillion dollar program established in 2020. Washingtonians are not yet eligible to access program benefits but proponents are again asking you to remove a key Constitutional protection. Currently, it’s safeguarded in secured investments like federal, state and municipal bonds, which support our communities -- a better use of our tax dollars. Stock markets and private investments fluctuate greatly, with no guarantees, and the benefit needs are unknown in this untested program. This LTSS fund exists to help Washingtonians access long term care as we age or face disability. When market speculation falls short, taxpayers and beneficiaries would pay the price through reduced benefits or increased taxes. Rejecting constitutional changes provide more stability and certainty. Continuing to invest our public money into federal, state and municipal bonds supports public works that we all depend on. Rejecting SJR 8201 provides for better planning and stability. Reject SJR 8201 Our state and LTSS need fiscal responsibility, not financial roulette. Reject SJR 8201 to keep the fund secure, stable, and focused on serving the people who will depend on it. Argument prepared by: Bob Hasegawa, State Senator, Democrat, 11th District; Peter Abbarno, State Representative, Republican, 20th District; Mark Schoesler, State Senator, Republican, 9th District; Joe Schmick, State Representative, Republican, 9th District Contact: (360)786-7616; bob.hasegawa@leg.wa.gov |
Campaign finance
If you are aware of a committee registered to support or oppose this measure, please email editor@ballotpedia.org.
| Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures | |
|---|---|---|---|---|---|
| Support | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Oppose | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Background
Long-Term Services and Supports Trust Fund (WA Cares Fund)
The WA Cares Fund was established in 2019 to provide a lifetime benefit of $36,500 to eligible beneficiaries. WA Cares is a healthcare program funded through a payroll tax of 58 cents per every $100 of an employee’s wages. The program provides long-term health services benefits (such as home health care, adult day care, nursing home care, and group home care) to qualifying individuals. It is the first state-operated long-term care insurance program in the country. As of 2025, the program offered limited pathways for exemptions from paying into the program.[7]
An eligible beneficiary must meet the following criteria:[8]
- be 18 years or older;
- unable to perform at least three daily tasks (e.g., eating, bathing, or administering medications) on their own;
- have paid the payroll tax for the equivalent of either a total of 10 years without a break in that period exceeding five consecutive years or a total of three years within the last six years; and
- worked at least 500 hours in the years that they contributed to the payroll tax.
In 2020, the Washington State Office of the State Actuary published a report on the LTSS Trust Program. The office determined that the program’s premium rate of 0.58% may be insufficient to keep the program solvent over a 75-year period.[9] The report also stated that if the status quo continued and LTSS Trust revenue was not able to be invested in stocks and other equities, the premium rate would need to be increased to at least 0.66% to maintain function of the fund.[9]
Initiative 2124 (2024)
Initiative 2124 was on the ballot in 2024. The initiative would have allowed employees and self-employed individuals to opt out of coverage under WA Cares, the state's long-term services and supports trust health care program. The initiative was rejected by voters with 55.5% voting against the initiative and 44.5% in favor.
State Rep. Jim Walsh (R-19), who sponsored the initiative, said, "I-2124 allows working people to opt out of the state’s insolvent 'WA Cares' long-term care benefit payroll tax scheme. For a short time, people could opt out of the scheme under certain circumstances. But now, under current state law, working people must pay into the program in the form of money taken out of their paychecks. ... I-2124 simply lets people opt out if they choose. It defends consumer choice. And encourages transparency in state programs. Partisans trying desperately to defend the policy argue that the opt-out option will make this bad program’s problems worse. Supporters of I-2124 argue that protecting consumer choice will force WA Cares to either improve the value it offers participants or admit that private long-term care insurance is a better deal."[10]
We Care for WA Cares campaign manager Jessica Gomez said, "Millions of working Washingtonians are counting on the WA Cares Fund to help pay for their care in case of injury, illness, or age. By effectively repealing WA Cares, this initiative would force workers to choose between depleting their savings to qualify for Medicaid, or betting on long-term care insurance only the wealthiest can afford."[11]
Senate Joint Resolution 8212 (2020)
Senate Joint Resolution 8212 was on the ballot in 2020. Voters rejected the amendment with 54.4% of voters opposed and 45.6% of voters in favor. The amendment received a majority vote in support in three of Washington’s 39 counties — Jefferson, King, and Whatcom.[2]
The amendment would have allowed the LTSS fund to be invested in stocks or other methods of investment.
Washington State Investment Board (WISB)
The Washington State Investment Board (WSIB) established in 1981 consists of 15 members, including the Washington State Treasurer, the director of the Department of Retirement Systems, the director of Labor and Industries, one member from each chamber of the Washington State Legislature, five members of the Public Employee Pension System, and five non-voting members. WSIB describes itself as "an independent Board of Trustees whose fiduciary responsibility is to manage retirement and public fund investments." As of 2024, the Washington State Investment Board managed 39 funds consisting of $211.5 billion, and included the following:[12]
- 18 retirement plans,
- 5 industrial insurance funds,
- 7 permanent funds that benefit schools, colleges, and universities, and
- 9 other trust funds, including the Long-Term Services and Support Trusts Account, GET College Tuition Program, the Developmental Disabilities Endowment Fund, and the Washington State Opportunity Scholarship Fund.
The Washington State Investment Board reported a rate of return of 8.5% for the fiscal year ending in June 2024.
Path to the ballot
Process in Washington
- See also: Types of ballot measures in Washington
In Washington, a referred constitutional amendment requires a two-thirds (66.67%) vote in each chamber of the Washington State Legislature during one legislative session. That amounts to a minimum of 66 votes in the Washington House of Representatives and 33 votes in the Washington State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
Senate Joint Resolution 8201
The following is the timeline of the resolution in the state legislature:[1]
- February 20, 2025: Senate Majority Leader Jamie Pedersen (D-43), Senate Minority Leader John Braun (R-20), and Senate President Pro Tempore Steve Conway (D-29) introduced the constitutional amendment in the Washington State Senate.
- March 10, 2025: The Senate voted 42-7 to pass the constitutional amendment.
- April 11, 2025: The House voted 86-9 to pass the constitutional amendment.
Learn more about the ballot measures PDI →
| Votes Required to Pass: 33 | |||
| Yes | No | NV | |
|---|---|---|---|
| Total | 42 | 7 | 0 |
| Total % | 85.7% | 14.3% | 0.0% |
| Democratic (D) | 25 | 5 | 0 |
| Republican (R) | 17 | 2 | 0 |
| Votes Required to Pass: 49 | |||
| Yes | No | NV | |
|---|---|---|---|
| Total | 86 | 9 | 3 |
| Total % | 87.8% | 9.2% | 3.1% |
| Democratic (D) | 58 | 0 | 1 |
| Republican (R) | 28 | 9 | 2 |
How to cast a vote
- See also: Voting in Washington
See below to learn more about current voter registration rules, identification requirements, and poll times in Washington.
See also
View other measures certified for the 2025 ballot across the U.S. and in Washington.
Explore Washington's ballot measure history, including constitutional amendments.
Understand how measures are placed on the ballot and the rules that apply.
External links
Footnotes
- ↑ 1.0 1.1 1.2 Washington State Legislature, "SJR 8201," accessed March 11, 2025
- ↑ 2.0 2.1 Washington State Legislature, "Senate Joint Resolution 8201 bill report," accessed April 24, 2025
- ↑ Washington State Legislature', "2020 Long-Term Services and Supports Trust Actuarial Study," accessed April 24, 2025
- ↑ 4.0 4.1 Washington Secretary of State, "Ballot Title and Explanatory Statement for SJR 8201," accessed July 11, 2025
- ↑ 5.0 5.1 5.2 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source. Cite error: Invalid
<ref>tag; name "quotedisclaimer" defined multiple times with different content Cite error: Invalid<ref>tag; name "quotedisclaimer" defined multiple times with different content - ↑ 6.0 6.1 Washington Secretary of State, "Committee Arguments," accessed July 11, 2025
- ↑ City of Tacoma, "Washington State’s Long-Term Services and Supports Trust Act (LTSS) Frequently Asked Questions (FAQ)," accessed February 9, 2024
- ↑ University of Washington, "WA Cares Fund overview," accessed March 14, 2024
- ↑ 9.0 9.1 Washington State Legislature, "2020 Long-Term Services and Supports Trust Actuarial Study," accessed April 24, 2025
- ↑ Jim Walsh, "Rep. Jim Walsh advocates for change: Initiative 2124 challenges insolvency of ‘WA Cares’ long-term care payroll tax," accessed March 19, 2024
- ↑ King5, "Initiative to allow anyone to opt out of WA Cares would 'in effect' repeal the tax, opponents say," accessed March 19, 2024
- ↑ Washington State Investment Fund, "Funds managed," accessed April 24, 2025
- ↑ Washington Secretary of State, “Frequently Asked Questions on Voting by Mail,” accessed April 20, 2023
- ↑ 14.0 14.1 Washington Secretary of State, "Voter Eligibility," accessed April 20, 2023
- ↑ Washington State Legislature, "Voter registration deadlines," accessed April 20, 2023
- ↑ 16.0 16.1 16.2 The Hill, "Wash. gov signs universal voter registration law," March 20, 2018
- ↑ Washington Secretary of State, "Washington State Voter Registration Form," accessed November 2, 2024
- ↑ Under federal law, the national mail voter registration application (a version of which is in use in all states with voter registration systems) requires applicants to indicate that they are U.S. citizens in order to complete an application to vote in state or federal elections, but does not require voters to provide documentary proof of citizenship. According to the U.S. Department of Justice, the application "may require only the minimum amount of information necessary to prevent duplicate voter registrations and permit State officials both to determine the eligibility of the applicant to vote and to administer the voting process."
- ↑ Washington State Legislature, "RCW 29A.40.160," accessed April 20, 2023
