Voters in Washington state are preparing to cast ballots on 4 November 2025 over a constitutional amendment, Senate Joint Resolution 8201, which would allow the WA Cares Fund—an employee-funded programme for long-term care—to be invested in stocks and other equities.

Until now the state constitution has prohibited public funds like these from being placed in corporate stock, restricting them to fixed-income securities such as bonds and certificates of deposit.

The WA Cares Fund, established in 2019, is financed by a payroll tax of 0.58 % and had accumulated around two-and-a-half billion dollars as of June.

Supporters of the amendment argue that allowing the Washington State Investment Board to diversify the fund’s assets could improve its long-term returns, reduce upward pressure on future payroll taxes and protect benefits for seniors and people with disabilities.

Opponents contend that exposure to market volatility could jeopardise the fund’s stability, potentially forcing greater contributions or cut-backs in benefits.

If approved, the change would mirror investment rules already in place for state-public pensions, workers’-compensation trust funds and disability-services accounts, which are managed by the same investment board.

Polling ahead of the vote shows around forty-seven percent of likely voters favour approval, with approximately thirty-three percent opposing and the remainder undecided.

This marks a follow-up to a similar measure in November 2020, which was rejected by about fifty-four percent of voters.

Again only three of the state’s thirty-nine counties supported the amendment at that time.

In 2025 the issue is the only statewide question on the ballot, as the rest of the election features municipal and legislative races.

Voters may return mailed ballots before the deadline or drop them in boxes provided across the state.