Settlement puts $11.7 million in pension fund

Washington’s pension fund reserves will get a $11.7 million boost from a settlement announced today by Treasurer James McIntire.

The agreement with State Street Bank resolves a dispute over foreign exchange transactions executed between 1997 and 2007, when the bank had custody of funds managed by the Washington State Investment Board, according to a statement from McIntire, who sits on the board.

The funds will be deposited in the Commingled Trust Fund, the $53 billion pool backing pensions for Washington state and local government workers.