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COMMITTEE REPORT
April 11, 2002
H. 5007
S. Printed 4/11/02--H.
Read the first time April 3, 2002.
To whom was referred a Bill (H. 5007) to amend Chapter 16, Title 9, Code of Laws of South Carolina, 1976, relating to the funds of the South Carolina Retirement Systems, by adding Article 5, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HARRELL, JR. for Committee.
EXPLANATION OF IMPACT:
A review of this bill by the South Carolina Retirement Division indicates there will be a minimal cost in Retirement Trust Funds to implement this bill.
Approved By:
Don Addy
Office of State Budget
TO AMEND CHAPTER 16, TITLE 9, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FUNDS OF THE SOUTH CAROLINA RETIREMENT SYSTEMS, BY ADDING ARTICLE 5 SO AS TO ALLOW THE SOUTH CAROLINA RETIREMENT SYSTEMS TO PROVIDE INVESTMENT EDUCATION TO ANY PARTICIPANT IN THE VARIOUS STATE RETIREMENT SYSTEMS AND TO REPEAL SECTION 8-23-115, RELATING TO THE PROVIDING OF CONSULTATIVE SERVICES FOR PARTICIPANTS IN THE DEFERRED COMPENSATION PLANS OFFERED BY THE DEFERRED COMPENSATION COMMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 16, Title 9 of the 1976 Code is amended by adding:
Section 9-16-710. The South Carolina Retirement Systems may provide investment education services to any participant in any of the state's retirement plans."
SECTION 2. Section 8-23-115 of the 1976 Code is repealed.
SECTION 3. This act takes effect July 1, 2002.
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