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.