South Carolina General Assembly
117th Session, 2007-2008

Download This Bill in Microsoft Word format

A1, R2, S152

STATUS INFORMATION

General Bill
Sponsors: Senators Alexander, McConnell, Leatherman, Campsen, Vaughn, Ryberg, Richardson, Hayes, Mescher, Knotts, Elliott, Cleary, Fair and Setzler
Document Path: l:\council\bills\ms\7044ahb07.doc
Companion/Similar bill(s): 3195

Introduced in the Senate on January 9, 2007
Introduced in the House on January 24, 2007
Passed by the General Assembly on February 1, 2007
Governor's Action: No signature required

Summary: S.C. Retirement System

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2006  Senate  Prefiled
  12/13/2006  Senate  Referred to Committee on Judiciary
    1/9/2007  Senate  Introduced and read first time SJ-94
    1/9/2007  Senate  Referred to Committee on Judiciary SJ-94
   1/17/2007  Senate  Committee report: Favorable Judiciary SJ-12
   1/18/2007  Senate  Read second time SJ-10
   1/23/2007  Senate  Read third time and sent to House SJ-9
   1/24/2007  House   Introduced and read first time HJ-14
   1/24/2007  House   Referred to Committee on Ways and Means HJ-14
   1/25/2007  House   Recalled from Committee on Ways and Means HJ-26
   1/31/2007  House   Read second time HJ-31
   1/31/2007  House   Roll call Yeas-77  Nays-0 HJ-32
    2/1/2007  House   Read third time and enrolled HJ-16
   2/13/2007          Ratified R 2
   2/21/2007          No signature required
   2/22/2007          Copies available
   2/22/2007          Effective date 02/13/07
   4/17/2007          Act No. 1

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2006
1/17/2007
1/25/2007

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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.

__________


This web page was last updated on Wednesday, December 2, 2009 at 3:29 P.M.