South Carolina General Assembly
117th Session, 2007-2008

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A305, R383, H4340

STATUS INFORMATION

General Bill
Sponsors: Reps. Cooper, Clyburn, Battle, Kirsh and Hosey
Document Path: l:\council\bills\bbm\10208htc08.doc

Introduced in the House on January 8, 2008
Introduced in the Senate on April 23, 2008
Last Amended on April 22, 2008
Passed by the General Assembly on June 3, 2008
Governor's Action: June 11, 2008, Signed

Summary: Deferred Compensation Commission

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/5/2007  House   Prefiled
   12/5/2007  House   Referred to Committee on Ways and Means
    1/8/2008  House   Introduced and read first time HJ-38
    1/8/2008  House   Referred to Committee on Ways and Means HJ-38
   4/17/2008  House   Committee report: Favorable with amendment Ways and 
                        Means HJ-5
   4/22/2008  House   Amended HJ-42
   4/22/2008  House   Read second time HJ-43
   4/23/2008  House   Read third time and sent to Senate
   4/23/2008  Senate  Introduced and read first time SJ-7
   4/23/2008  Senate  Referred to Committee on Finance SJ-7
   5/28/2008  Senate  Committee report: Favorable Finance SJ-14
   5/29/2008  Senate  Read second time SJ-40
    6/3/2008  Senate  Read third time and enrolled SJ-21
    6/5/2008          Ratified R 383
   6/11/2008          Signed By Governor
   6/19/2008          Copies available
   6/19/2008          Effective date 06/11/08
   6/19/2008          Act No. 305

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/5/2007
4/17/2008
4/22/2008
5/28/2008

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

(A305, R383, H4340)

AN ACT TO AMEND SECTION 8-23-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MEMBERSHIP, POWERS, AND DUTIES OF THE DEFERRED COMPENSATION COMMISSION, SO AS TO ADD THE CHIEF INVESTMENT OFFICER OF THE RETIREMENT SYSTEM INVESTMENT COMMISSION AS AN EX OFFICIO MEMBER OF THE DEFERRED COMPENSATION COMMISSION; AND TO AMEND SECTION 8-23-30, RELATING TO THE AUTHORITY OF THE STATE AND POLITICAL SUBDIVISIONS OF THE STATE TO DEFER THE COMPENSATION OF AN EMPLOYEE PARTICIPATING IN A DEFERRED COMPENSATION PROGRAM, SO AS TO DELETE AN OBSOLETE LIMIT ON SUCH DEFERRALS.

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

Chief investment officer added to commission

SECTION    1.    The first undesignated paragraph of Section 8-23-20 of the 1976 Code, as last amended by Act 430 of 1990, is further amended to read:

"A Deferred Compensation Commission is established consisting of eight members including the director of the South Carolina Retirement System, chief investment officer of the State Retirement System Investment Commission, and the executive director of the State Employees' Association, each of whom serve ex officio, and five other public employees to be appointed by the State Budget and Control Board, at least two of whom must be state employees and one must be a retired public employee. The appointed members shall serve for terms of three years and until their successors are appointed and qualify. The State Budget and Control Board shall designate the chairman."

Deferrals

SECTION    2.    Section 8-23-30 of the 1976 Code is amended to read:

"Section 8-23-30.    The State or any political subdivision of the State, by contract, may agree with an employee to defer, a portion of his compensation in an amount as provided for in a plan approved by the commission and subsequently with the consent of the employee may contract for purchase or otherwise procure fixed or variable annuities, savings, mutual funds, insurance, or such other investments as the commission may approve for the purpose of carrying out the objectives of the program with the advice and approval of the State Treasurer. The investments shall be underwritten and offered in compliance with applicable federal and state laws and regulations by persons who are authorized by the commission in accordance with the provisions of this chapter."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor.

Ratified the 5th day of June, 2008.

Approved the 11th day of June, 2008.

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