Spin Control

Washington gets $11.7 million

OLYMPIA - Most days, the revenue news out of the state capital is grim. But Tuesday state officials had a bit of good news: the state is getting $11.7 million in a settlement over the way some accounts in the state pension funds were handled.

State Treasurer James McIntyre and Attorney General Rob McKenna said the state reached a settlement with State Street Bank over a contract dispute for transactions between 1997 and 2007 involving foreign exchanges.

The money goes into the state's Comingled Trust Fund, which holds pension money for a wide range of public employees, including teachers, cops, firefighters and judges.

The fund has about $53 billion in it, so $11.7 million is a small percent. Still, anything with eight figures can't be considered chump change.




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Jim Camden
Jim Camden is the Legislative and state government reporter, political columnist and blogger for Spin Control.

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