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TO AMEND SECTIONS 25-1-3235 AND 25-1-3240, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE NATIONAL GUARD PENSION FUND AND ELIGIBILITY FOR THE NATIONAL GUARD PENSION AND THE ADMINISTRATION OF PENSIONS FOR MEMBERS OF THE NATIONAL GUARD, SO AS TO ESTABLISH THE STATE BUDGET AND CONTROL BOARD AS TRUSTEE OF THE NATIONAL GUARD PENSION FUND AND PROVIDE FOR THE INVESTMENT OF ITS FUNDS AS THE FUNDS OF OTHER STATE RETIREMENT FUNDS ARE INVESTED, PROVIDE FOR THE ADMINISTRATION OF THOSE PENSIONS BY THE RETIREMENT SYSTEM OF THE STATE BUDGET AND CONTROL BOARD, AND PROVIDE FOR THE EXPENSES OF ADMINISTRATION TO BE PAID FROM EARNINGS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 25-1-3235(C) of the 1976 Code, as last amended by Act 85 of 2001, is further amended to read:
"(C) There is established the National Guard Pension Fund of which must be managed the State Budget and Control Board is trustee, the funds of which must be invested by the State Budget and Control Board as other state retirement system funds are managed. and the State Treasurer shall invest the fund as the funds of other state retirement systems are invested. This fund, together with monies that may be appropriated for the purpose, must be used to pay the pensions authorized by this article. The General Assembly annually shall appropriate sums sufficient over time to establish and maintain the fund on an actuarial basis as determined by the State Budget and Control Board trustee."
SECTION 2. Section 25-1-3240 of the 1976 Code, as last amended by Act 164 of 1993, is further amended to read:
"Section 25-1-3240. Except as provided in Section 25-1-3235, the The provisions of this article must be administered by the adjutant general of this State Retirement Division of the State Budget and Control Board and the expenses of administering this article must be paid from the earnings of the National Guard Pension Funds. The adjutant general Retirement Division may not employ additional personnel to administer this article."
SECTION 3. This act takes effect July 1, 2005.
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