S*0152(Rat #0002, Act #0001 of 2007)  General Bill, By Alexander, McConnell, 
Leatherman, Campsen, Vaughn, Ryberg, Richardson, Hayes, Mescher, Knotts, 
Elliott, Cleary, Fair and Setzler

Similar(H 3195)
 AN ACT TO RATIFY AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF
 SOUTH CAROLINA, 1895, RELATING TO BENEFITS AND FUNDING OF PUBLIC EMPLOYEE
 PENSION PLANS IN THIS STATE, INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS
 STATE-OPERATED RETIREMENT SYSTEMS, AND THE STATE RETIREMENT SYSTEMS INVESTMENT
 PANEL, SO AS TO DELETE THE RESTRICTIONS LIMITING SUCH INVESTMENTS TO
 AMERICAN-BASED CORPORATIONS REGISTERED ON AN AMERICAN NATIONAL EXCHANGE AS
 PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL
 ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATION SYSTEM; AND TO RATIFY AN
 AMENDMENT TO SECTION 16, ARTICLE X, SO AS TO ELIMINATE THE STATE RETIREMENT
 SYSTEMS INVESTMENT PANEL. - ratified title

   12/13/06  Senate Prefiled
   12/13/06  Senate Referred to Committee on Judiciary
   01/09/07  Senate Introduced and read first time SJ-94
   01/09/07  Senate Referred to Committee on Judiciary SJ-94
   01/17/07  Senate Committee report: Favorable Judiciary SJ-12
   01/18/07  Senate Read second time SJ-10
   01/23/07  Senate Read third time and sent to House SJ-9
   01/24/07  House  Introduced and read first time HJ-14
   01/24/07  House  Referred to Committee on Ways and Means HJ-14
   01/25/07  House  Recalled from Committee on Ways and Means HJ-26
   01/31/07  House  Read second time HJ-31
   01/31/07  House  Roll call Yeas-77  Nays-0 HJ-32
   02/01/07  House  Read third time and enrolled HJ-16
   02/13/07         Ratified R 2
   02/21/07         No signature required
   02/22/07         Copies available
   02/22/07         Effective date 02/13/07
   04/17/07         Act No. 1

(A1, R2, S152)

AN ACT TO RATIFY AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO BENEFITS AND FUNDING OF PUBLIC EMPLOYEE PENSION PLANS IN THIS STATE, INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, AND THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL, SO AS TO DELETE THE RESTRICTIONS LIMITING SUCH INVESTMENTS TO AMERICAN-BASED CORPORATIONS REGISTERED ON AN AMERICAN NATIONAL EXCHANGE AS PROVIDED IN THE SECURITIES EXCHANGE ACT OF 1934 OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATION SYSTEM; AND TO RATIFY AN AMENDMENT TO SECTION 16, ARTICLE X, SO AS TO ELIMINATE THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL.

Be it enacted by the General Assembly of the State of South Carolina:

Constitutional amendment ratified, State Pension Plan investments, State Retirement Systems Investment Panel abolished

SECTION    1.    A.    The amendment to the first sentence of the fourth paragraph, Section 16, Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 401 of 2006, having been submitted to the qualified electors at the General Election of 2006 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the constitution so that the first sentence of the fourth paragraph, Section 16, Article X is amended to read:

"Notwithstanding the provisions of Section 11 of this article, the funds of the various state-operated retirement systems may be invested and reinvested in equity securities."

B.    The amendment deleting the second through the seventh sentences of the fourth paragraph, Section 16, Article X of the Constitution of South Carolina, 1895, prepared under the terms of Joint Resolution 401 of 2006, having been submitted to the qualified electors at the General Election of 2006 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the constitution deleting the second through the seventh sentences of the fourth paragraph, Section 16, Article X which read:

"Upon the enactment of the implementing legislation required by this paragraph, there is established the State Retirement Systems Investment Panel. The panel shall consist of five members, one each appointed by the Governor, the State Treasurer, the Comptroller General, and the chairmen of the respective committees of the Senate and House of Representatives having subject matter jurisdiction over appropriations. The appointee of the Governor shall serve as chairman. All persons appointed must possess substantial financial investment experience and no person may be appointed or continue to serve who is an elected or appointed officer or employee of the State or any of its political subdivisions, including school districts. The General Assembly shall implement this paragraph by enacting legislation establishing the panel and providing for the terms, duties, and compensation of its members, and which specifically authorizes the investments allowed by this paragraph, and may provide limitations on investments in equity securities as it considers prudent. The panel established by this paragraph shall not exist until it is established in the implementing legislation required pursuant to this paragraph."

Ratified the 13th day of February, 2007.