Reference is to Printer's Date: 4/20/16--H.
Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:
/ SECTION __. Chapter 16, Title 9 of the 1976 Code is amended by adding:
Section 9-16-400. (A)(1)
There is established the Review and Oversight Commission
on the Retirement System Investment Commission which must
exercise the powers and fulfill the duties described in this
article.
(2)
For purposes of this article, 'commission' means the
Review and Oversight Commission on the Retirement System
Investment Commission.
(B) The commission is
composed of the following nine members:
(1)
from the Senate:
(a)
the Chairman of the Finance Committee or his designee;
(b)
two members of the Senate appointed by the President Pro
Tempore;
(2)
from the House of Representatives:
(a)
the Chairman of the Ways and Means Committee or his
designee;
(b)
two members of the House of Representatives appointed by
the Speaker of the House of Representatives;
(3)
three members appointed by the Governor from the state at
large. One member must be an active member of the South
Carolina Retirement System and one member must be an active
member of the South Carolina Police Officers Retirement
System.
(C) In making
appointments to the commission, race, gender, and other
demographic factors, such as residence in rural or urban areas,
must be considered to assure nondiscrimination, inclusion, and
representation to the greatest extent possible of all segments
of the population of the State.
(D) The commission must
meet as soon as practicable after appointment and organize
itself by electing one of its members as chairman and electing
any other officers the commission considers necessary. After the
organizational meeting, the commission must meet as necessary to
screen candidates for appointment and at the call of the
chairman or by a majority of the members. A quorum consists of
six members.
Section 9-16-410. The
commission has the following powers and duties:
(1)(a) to screen each
person appointed to serve on the Retirement System Investment
Commission;
(b)
in screening candidates and making its findings, the
commission must give due consideration to:
(i)
ability, area of expertise,
dedication, compassion, common sense, and integrity of each
candidate; and
(ii)
the impact that each candidate would have on the racial
and gender composition of the commission, and each candidate's
impact on other demographic factors represented on the
commission, such as residence in rural or urban areas, to assure
nondiscrimination to the greatest extent possible of all
segments of the population of the State;
(c)
to determine if each candidate is qualified and meets the
requirements provided by law to serve as a member of the
Retirement System Investment Commission, make findings
concerning whether each candidate is qualified, and deliver its
findings to the President Pro tempore of the Senate and the
Speaker of the House of Representatives;
(2) to receive,
annually, in public session, the results of all audits,
experience studies or other required analysis conducted by the
Retirement System Investment Commission;
(3) to conduct an
oversight review of the Retirement System Investment Commission
and its operations at least once every two years; and
(4) undertake any
additional reviews, studies, or evaluations as it considers
necessary.
Section 9-16-420. Each state agency must fully cooperate with requests from the commission for assistance in carrying out its responsibilities and duties as established in this article.
Section 9-16-430. The
oversight report required by this article must at least
contain:
(1)
a performance review of each member of the board for the
previous two years;
(2)
a performance review of the Executive Director of the
Retirement System Investment Commission; and
(3)
an evaluation of the actions of the Retirement System
Investment Commission, sufficient to allow the members of the
General Assembly to better judge whether these actions serve the
best interests of the citizens of South Carolina, both
individual and corporate.
Section 9-16-440. Commission members are entitled to such mileage, subsistence, and per diem as authorized by law for members of boards, committees, and commissions while in the performance of the duties for which appointed. These expenses shall be paid by the Retirement System Investment Commission.
Section 9-16-450. The commission must use clerical and professional employees of the General Assembly and the Office of the Governor for its staff, who must be made available to the commission. The commission may employ or retain other professional staff, upon the determination of the necessity for other staff by the commission and as may be funded in the legislative appropriation of the annual general appropriations act." /
Renumber sections to conform.
Amend title to conform.