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A362, R300, S463
STATUS INFORMATION
Joint Resolution
Sponsors: Senators Leatherman, Alexander, Verdin, Short, Setzler, Vaughn and Elliott
Document Path: l:\council\bills\bbm\9650htc07.doc
Introduced in the Senate on February 20, 2007
Introduced in the House on May 9, 2007
Last Amended on April 3, 2008
Passed by the General Assembly on May 28, 2008
Governor's Action: No signature required
Summary: Post-employment benefits funds
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/20/2007 Senate Introduced and read first time SJ-6
2/20/2007 Senate Referred to Committee on Judiciary SJ-6
2/22/2007 Senate Referred to Subcommittee: Martin (ch), Malloy, Campsen,
Williams
5/2/2007 Senate Committee report: Favorable with amendment Judiciary
SJ-13
5/3/2007 Senate Committee Amendment Adopted SJ-17
5/3/2007 Senate Read second time SJ-17
5/4/2007 Scrivener's error corrected
5/8/2007 Senate Read third time and sent to House SJ-13
5/9/2007 House Introduced and read first time HJ-13
5/9/2007 House Referred to Committee on Ways and Means HJ-13
4/2/2008 House Committee report: Favorable with amendment Ways and
Means HJ-9
4/3/2008 House Amended HJ-42
4/3/2008 House Read second time HJ-45
4/3/2008 House Roll call Yeas-104 Nays-0 HJ-45
4/3/2008 House Unanimous consent for third reading on next legislative
day HJ-45
4/4/2008 House Read third time and returned to Senate with amendments
HJ-5
5/28/2008 Senate Concurred in House amendment and enrolled SJ-121
5/29/2008 Ratified R 300
5/29/2008 No signature required
6/4/2008 Copies available
6/4/2008 Effective date 05/29/08
8/6/2008 Act No. 362
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
2/20/2007
5/2/2007
5/3/2007
5/4/2007
4/2/2008
4/3/2008
(A362, R300, S463)
A JOINT RESOLUTION PROPOSING 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 AND THE INVESTMENTS ALLOWED FOR FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS, SO AS TO PROVIDE THAT THE FUNDS OF ANY TRUST FUND ESTABLISHED BY LAW FOR THE FUNDING OF POST-EMPLOYMENT BENEFITS FOR STATE EMPLOYEES AND PUBLIC SCHOOL TEACHERS MAY BE INVESTED AND REINVESTED IN EQUITY SECURITIES SUBJECT TO THE SAME LIMITATIONS ON SUCH INVESTMENTS APPLICABLE FOR THE FUNDS OF THE VARIOUS STATE-OPERATED RETIREMENT SYSTEMS AND TO PROVIDE THAT FUNDS OF A POLITICAL SUBDIVISION OF THIS STATE SET ASIDE FOR THE FUNDING OF POST-EMPLOYMENT BENEFITS OF EMPLOYEES OF THE POLITICAL SUBDIVISION, INCLUDING FUNDS INVESTED IN AN INDEPENDENT TRUST ESTABLISHED FOR THAT PURPOSE, MAY BE SIMILARLY INVESTED.
Be it enacted by the General Assembly of the State of South Carolina:
Proposed amendment allowing investments
SECTION 1. It is proposed that Section 16, Article X of the Constitution of this State be amended by adding a new paragraph at the end to read:
"Notwithstanding the provisions of Section 11 of this article, the funds of any trust fund established by the General Assembly by law for the funding of post-employment benefits for state employees and public school teachers may be invested and reinvested in equity securities subject to the same limitations on such investments applicable for the funds of the various state-operated retirement systems."
Referendum question
SECTION 2. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 16, Article X of the Constitution of this State relating to benefits and funding of public employee pension plans in this State and the investments allowed for funds of the various state-operated retirement systems be amended so as to provide that the funds of any trust fund established by law for the funding of post-employment benefits for state employees and public school teachers may be invested and reinvested in equity securities subject to the same limitations on such investments applicable for the funds of the various state-operated retirement systems?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
Proposed amendment allowing investments
SECTION 3. It is proposed that Section 16, Article X of the Constitution of this State be amended by adding an additional paragraph at the end to read:
"Notwithstanding the provisions of Section 11 of this article, the funds of any political subdivision of this State that have been set aside for the funding of post-employment benefits for the political subdivision's employees, including those invested in independent trusts established for that purpose, may be invested or reinvested in equity securities of the type permitted for investment by the various state operated retirement systems, as provided for by the General Assembly."
Referendum question
SECTION 4. The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:
"Must Section 16, Article X of the Constitution of this State relating to benefits and funding of public employee pension plans in this State and the investments allowed for funds of the various state-operated retirement systems be amended so as to provide that the funds of any political subdivision of this State that have been set aside for the funding of post-employment benefits for the political subdivision's employees, including those invested in independent trusts established for that purpose, may be invested or reinvested in equity securities of the type permitted for investment by the various state-operated retirement systems, as provided for by the General Assembly?
Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'Yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."
Ratified the 29th day of May, 2008.
This web page was last updated on Wednesday, December 2, 2009 at 3:31 P.M.