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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.
Be it enacted by the General Assembly of the State of South Carolina:
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 seven eight members which includes 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."
SECTION 2. This act takes effect upon approval by the Governor.
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