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Washington SJR 8201, Allow Investment of Long-Term Services and Supports Trust Fund in Stocks and Other Equities Amendment (2025)

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Washington Senate Joint Resolution 8201

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Election date

November 4, 2025

Topic
Public assistance programs and Restricted-use funds
Status

On the ballot

Type
Legislatively referred constitutional amendment 		Origin

State legislature


Washington SJR 8201, the Allow Investment of Long-Term Services and Supports Trust Fund in Stocks and Other Equities 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. 

A "no" vote opposes this constitutional amendment, maintaining that LTSS Trust Fund investments can only be invested in fixed-income securities such as bonds and certificates of deposit.


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. Earnings from investments would be dedicated to funding long-term care services and supports for program beneficiaries.[1]

As of 2025, the state constitution only allows the investments of LTSS funds in fixed-income securities such as government and corporate bonds and certificates of deposit. It prohibits the state from investing funds into stocks or other methods of investment. If the amendment is approved, the LTSS Trust Fund 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

See also: Article XXIX, Washington State Constitution

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

Approve8201logo.png

Approve 8201 is leading the campaign in support of SJR 8201.[6]

Supporters

Officials

Former Officials

Political Parties

  • 1st Legislative District Democrats
  • 33rd District Democrats
  • 46th District Democrats
  • 47th District Democrats
  • Franklin County, Wash., Democratic Party
  • King County Democrats
  • SEIU Local 775
  • Thurston County, Wash., Democratic Party

Unions

  • MLK Labor
  • SEIU 1199NW
  • SEIU6 Property Services Northwest
  • UFCW 3000
  • Washington State Labor Council

Organizations

  • 350 Seattle
  • 42nd Legislative District Democrats
  • AARP
  • ALS Association
  • Caring Across Generations
  • Casa Latina
  • Economic Opportunity Institute
  • Fuse Washington
  • Hand in Hand
  • House Our Neighbors
  • Invest in Washington Now
  • LeadingAge Washington
  • MomsRising
  • National Multiple Sclerosis Society
  • Northwest Progressive Institute
  • One America Votes
  • Planned Parenthood Alliance Advocates
  • Puget Sound Advocates for Retirement Action
  • Queer Power Alliance
  • Retired Public Employees Council of Washington
  • Seattle Transit Riders Union
  • Seattle, Wash., National Organization for Women
  • Snohomish County Indivisible
  • Statewide Poverty Action Network
  • Washington Association of Area Agencies for Aging
  • Washington Conservation Action
  • Washington Education Association
  • Washington Health Care Association
  • Washington Physicians for Social Responsibility
  • Washington Policy Center
  • Washington State Budget & Policy Center
  • Washington State Catholic Conference
  • Washington State Council of Fire Fighters
  • Washington State Democrats
  • Washington State Nurses Association
  • Washington State Senior Citizens’ Lobby
  • We Care for WA Cares


Arguments

  • Gary Bruebaker, Former Chief Investment Officer at the Washington State Investment Board: "A well-managed public fund can return annual investment rates of 6%, 7% or even more than 8%, depending on the asset allocation, thereby increasing payouts for beneficiaries and saving taxpayers billions every year. In fact, 75% of payouts from Washington’s defined benefit plans come from investment returns over the life of the employee. Public benefit plans would not be sustainable or would require very high contribution rates if the fund reserves were restricted to government bonds and treasury bills. But that’s the situation with Washington State’s new Long-term Care Trust Fund, which is currently hampered by a century-old constitutional prohibition on investing state funds in modern-day diversified portfolios."
  • Justin Gill, President of the Washington State Nurses Association: "Nurses support 8201 because when our patients are disabled, suffering from dementia, or just aging, they need a reliable, guaranteed fund for their long-term care needs."
  • Approve 8201: "8201 requires 100% of investment income earned by WA State’s Long-Term Care Trust Fund 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."


Official arguments

The following is the argument in support of SJR 8201 found on the Secretary of State Website:[7]

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

Ballotpedia has not located a campaign in opposition to the ballot measure. You can share campaign information or arguments, along with source links for this information, with us at editor@ballotpedia.org.

Opponents

Officials


Arguments

  • State Rep. Peter Abbarno (R-20): "There is a big difference between a private individual who diversifies their portfolio versus a public official who invests somebody else’s money before knowing what the benefits will cost and what the exact design of the program will be. You have to be much more cautious when you have a fiduciary responsibility."


Official arguments

The following is the argument in opposition to SJR 8201 found on the Secretary of State Website:[7]

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

See also: Ballot measure campaign finance, 2025
The campaign finance information on this page reflects the most recent scheduled reports that Ballotpedia has processed, which covered through September 30, 2025. The deadline for the next scheduled reports is October 14, 2025.


Approve 8201 is the committee registered in support of SJR 8201. SEIU 775 Ballot Fund also registered to support SJR 8201. [8] As of September 2025, no committees had registered to oppose SJR 8201.

Cash Contributions In-Kind Contributions Total Contributions Cash Expenditures Total Expenditures
Support $7,087,609.72 $42,186.40 $7,129,796.12 $557,889.17 $600,075.57
Oppose $0.00 $0.00 $0.00 $0.00 $0.00
Total $7,087,609.72 $42,186.40 $7,129,796.12 $557,889.17 $600,075.57

Support

The following table includes contribution and expenditure totals for the committees in support of the measure[8]

Committees in support of Senate Joint Resolution 8201
Committee Cash Contributions In-Kind Contributions Total Contributions Cash Expenditures Total Expenditures
SEIU 775 BALLOT FUND $6,887,609.72 $1,740.63 $6,889,350.35 $378,157.81 $379,898.44
Approve 8201 Committee $200,000.00 $40,445.77 $240,445.77 $179,731.36 $220,177.13
Total $7,087,609.72 $42,186.40 $7,129,796.12 $557,889.17 $600,075.57

Donors

The following were the top donors who contributed to the support committees.[8]

Donor Cash Contributions In-Kind Contributions Total Contributions
SEIU 775 $7,000,000.00 $1,740.63 $7,001,740.63
SEIU 775 Ballot Fund $200,000.00 $0.00 $200,000.00
SEIU 775 Healthcare NW $0.00 $40,445.77 $40,445.77


Methodology

To read Ballotpedia's methodology for covering ballot measure campaign finance information, click here.

Media editorials

See also: 2025 ballot measure media endorsements

Support

The following media editorial board published an editorial supporting the ballot measure:

  • The Columbian Editorial Board: "The state investment board – which oversees numerous state pension and trust funds — has proven to be a prudent steward of contributions from taxpayers, ensuring long-term growth and a secure economic future for the state. Voters should trust the board to invest the WA Cares Fund in stocks and other equities for the benefit of all the state’s citizens."


Opposition

Ballotpedia has not located media editorial boards in opposition to the ballot measure. You can share media editorial endorsements, along with source links for this information, with us at editor@ballotpedia.org.


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.[9]

An eligible beneficiary must meet the following criteria:[10]

  • 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.[11] 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.[11]

Initiative 2124 (2024)

See also: Washington Initiative 2124, Opt-Out of Long-Term Services Insurance Program Initiative (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."[12]

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."[13]

Senate Joint Resolution 8212 (2020)

See also: Washington Senate Joint Resolution 8212, Authorize Fund Investment of Long-Term Services and Supports Trust Account Amendment (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:[14]

  • 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.


Partisan Direction Index = -14.0% (Bipartisan)
Democratic Support
94.3%
Republican Support
80.4%
How does this vote compare to other legislative ballot measures in 2025?
Learn more about the ballot measures PDI →
Washington State Senate
Voted on March 10, 2025
Votes Required to Pass: 33
YesNoNV
Total4270
Total %85.7%14.3%0.0%
Democratic (D)2550
Republican (R)1720
Washington House of Representatives
Voted on April 11, 2025
Votes Required to Pass: 49
YesNoNV
Total8693
Total %87.8%9.2%3.1%
Democratic (D)5801
Republican (R)2892

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.

How to vote in Washington


See also

2025 ballot measures

View other measures certified for the 2025 ballot across the U.S. and in Washington.

Washington ballot measures

Explore Washington's ballot measure history, including constitutional amendments.

Legislative process

Understand how measures are placed on the ballot and the rules that apply.

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 Washington State Legislature, "SJR 8201," accessed March 11, 2025
  2. ↑ 2.0 2.1 Washington State Legislature, "Senate Joint Resolution 8201 bill report," accessed April 24, 2025
  3. ↑ Washington State Legislature', "2020 Long-Term Services and Supports Trust Actuarial Study," accessed April 24, 2025
  4. ↑ 4.0 4.1 Washington Secretary of State, "Ballot Title and Explanatory Statement for SJR 8201," accessed July 11, 2025
  5. ↑ 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. ↑ Approve 8201, "Homepage," accessed September 30, 2025
  7. ↑ 7.0 7.1 Washington Secretary of State, "Committee Arguments," accessed July 11, 2025
  8. ↑ 8.0 8.1 8.2 Washington Public Disclosure Commission, "Political Disclosure Data," accessed September 30, 2025
  9. ↑ City of Tacoma, "Washington State’s Long-Term Services and Supports Trust Act (LTSS) Frequently Asked Questions (FAQ)," accessed February 9, 2024
  10. ↑ University of Washington, "WA Cares Fund overview," accessed March 14, 2024
  11. ↑ 11.0 11.1 Washington State Legislature, "2020 Long-Term Services and Supports Trust Actuarial Study," accessed April 24, 2025
  12. ↑ Jim Walsh, "Rep. Jim Walsh advocates for change: Initiative 2124 challenges insolvency of ‘WA Cares’ long-term care payroll tax," accessed March 19, 2024
  13. ↑ King5, "Initiative to allow anyone to opt out of WA Cares would 'in effect' repeal the tax, opponents say," accessed March 19, 2024
  14. ↑ Washington State Investment Fund, "Funds managed," accessed April 24, 2025
  15. ↑ Washington Secretary of State, “Frequently Asked Questions on Voting by Mail,” accessed April 20, 2023
  16. ↑ 16.0 16.1 Washington Secretary of State, "Voter Eligibility," accessed April 20, 2023
  17. ↑ Washington State Legislature, "Voter registration deadlines," accessed April 20, 2023
  18. ↑ 18.0 18.1 18.2 The Hill, "Wash. gov signs universal voter registration law," March 20, 2018
  19. ↑ Washington Secretary of State, "Washington State Voter Registration Form," accessed November 2, 2024
  20. ↑ 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."
  21. ↑ Washington State Legislature, "RCW 29A.40.160," accessed October 9, 2025
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