Bill 3064

                    Current Status

Bill Number:                    3064
Ratification Number:            152
Act Number:                     77
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19970114
Primary Sponsor:                Wilkins
All Sponsors:                   Wilkins, Haskins, Sharpe,
                                Townsend, Meacham, Carnell, Quinn,
                                Harrison, Cato, J. Brown, Vaughn,
                                D. Smith, H. Brown, Stille, Kirsh,
                                Cotty, Young-Brickell, Sandifer,
                                Witherspoon, Baxley, Simrill, Seithel,
                                Bailey, Robinson, Walker, Stuart,
                                Altman, Harrell, Riser, Rodgers,
                                Gamble, Harvin and Littlejohn
Drafted Document Number:        jic\5087htc.97
Date Bill Passed both Bodies:   19970528
Governor's Action:              U Signature of Governor not
                                required
Date of Governor's Action:      19970604
Subject:                        Public-Funded Retirement Systems,
                                investment, equity securities of
                                corporations, Investment Panel

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19970630  Act No. A77
------  19970604  Signature of Governor not required
------  19970604  Ratified R152
Senate  19970528  Read third time, enrolled for
                  ratification
Senate  19970527  Read second time, unanimous
                  consent for third reading on
                  Wednesday, 19970528
Senate  19970527  Recalled from Committee                  06 SF
Senate  19970218  Introduced, read first time,             06 SF
                  referred to Committee
House   19970214  Read third time, sent to Senate
House   19970213  Read second time, unanimous
                  consent for third reading on
                  Friday, 19970214
House   19970212  Recalled from Committee                  30 HWM
House   19970114  Introduced, read first time,             30 HWM
                  referred to Committee
House   19961218  Prefiled, referred to Committee          30 HWM

(A77, R152, H3064)

AN ACT RATIFYING AN AMENDMENT TO SECTION 16, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO PUBLIC-FUNDED RETIREMENT SYSTEMS, SO AS TO AUTHORIZE THE INVESTMENT AND REINVESTMENT OF ASSETS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS IN EQUITY SECURITIES OF CORPORATIONS WITHIN THE UNITED STATES REGISTERED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED THROUGH THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AUTOMATIC QUOTATIONS SYSTEM, TO PROVIDE FOR THE ESTABLISHMENT OF THE STATE RETIREMENT SYSTEMS INVESTMENT PANEL AND PROVIDE FOR ITS MEMBERSHIP, AND TO PROVIDE THAT THE PANEL SHALL NOT EXIST UNTIL THE GENERAL ASSEMBLY ENACTS IMPLEMENTING LEGISLATION ESTABLISHING THE PANEL, PROVIDING THE TERMS, DUTIES, AND COMPENSATION OF ITS MEMBERS, AUTHORIZING THE INVESTMENTS ALLOWED PURSUANT TO THIS AMENDMENT AND WHICH ALSO MAY PROVIDE THOSE LIMITATIONS ON INVESTMENTS IN EQUITY SECURITIES CONSIDERED PRUDENT BY THE GENERAL ASSEMBLY.

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

Amendment ratified

SECTION 1. The amendment to Section 16, Article X of the Constitution of South Carolina, 1895, prepared under the terms of a joint resolution of 1996, bearing ratification number 537, having been submitted to the qualified electors at the general election of 1996 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 Section 16 of Article X is amended by adding a new paragraph at the end 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 of any corporation within the United States that is registered on a national securities exchange as provided in the Securities Exchange Act of 1934 or any successor act or quoted through the National Association of Securities Dealers Automatic Quotations System or similar service. 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 4th day of June, 1997.